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Bunge Considering Retrenchment
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ShareBunge Ltd. (BG - Snapshot Report), a leading integrated global agribusiness and food company in the U.S., has decided to discontinue the processing of soybeans at its facility in Danville, Illinois, resulting in a possible retrenchment of 100 employees.
The company will continue to operate the facility as a grain elevator for soybeans and a co-located corn mill. About 185 employees will continue to remain employed for its existing operations. Bunge was forced to take the decision to close its soybean-processing operations in its Danville facility as it had more capacity than market requirements.
Bunge will honor all its existing producer contracts for corn and soybeans, as well as all meal and oil contracts. The soy crushing plant had an estimated capacity of 120,000 bushels per day.
Headquartered in White Plains, New York, Bunge supplies fertilizer to farmers in South America; originates transports and processes oilseeds, grains and other agricultural commodities worldwide; produces food products for commercial customers, and supplies raw materials and services to the bio-fuels industry. Bunge produces leading consumer vegetable oil, margarine and mayonnaise brands in South America, Europe and Asia, as well as a wide range of quality milled corn and wheat products in the Americas.
Read the full analyst report on BG
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