TOOWOOMBA, QUEENSLAND, AUSTRALIA —Australia-based agricultural commodity trader PentAG Nidera will now be known as Nidera Australia Pty Ltd, following the sale of all minority interests to the majority shareholder, Rotterdam-based agribusiness Nidera.
Nidera has had up to 51% of PentAG Nidera for several years and has now purchased the remaining 49% of the company from Toyota Tsusho and a number of Australian shareholders who co-founded the business in 2005.
PentAG chief executive officer Dave Lengren said that the ownership change is a natural progression as the company continues to grow, and highlighted that there will be no change in day-to-day operations or existing contractual arrangements with clients.
|PentAG's chief executive officer Dave Lengren.|
“We will continue to focus very strongly on servicing our core grower and consumer clients in Queensland, New South Wales and some areas of South Australia, bolstering our position as the largest exporter of sorghum from Australia,” Lengren said. “We will also now move forward with plans to expand our origination and trading footprint into other key production regions around the country.”
“It’s an exciting development that will provide a dynamic blend of local knowledge and experience together with the strength, size and security that comes from the full backing that international commodity trading business Nidera provides,” he said.
“Nidera is majority-owned by Chinese food processing company COFCO, providing direct access to the fast growing Chinese market and to COFCO’s downstream processing and distribution capabilities,” Lengren said. “Importantly, this comes at the same time Australia is moving to strengthen trade links with China through the recently signed FTA.”
“Nidera has long been an important player in all major international demand regions across the globe, and in particular Asia,” he said. “This has already allowed PentAG to grow and develop important export markets, particularly into China for sorghum. The Nidera – COFCO connection will now accelerate that development even further and faster.”