18 December 2019
Glencore Agriculture has invested in its Argentinian supply chain and processing business, purchasing a further 16.67% of Renova to become the majority owner with 66.67% of the company.
Glencore Agriculture purchased the share from its joint venture business partner, Vicentin.
Glencore Agriculture Chief Executive Officer, David Mattiske said the company is very pleased to increase its ownership and continue to support Argentinian agriculture.
"The Renova assets and the products produced fit well with our business and will enhance our ability to meet the needs of our customers around the world,” David said.
“This is a long term investment for us and we are very confident about the future of the agriculture industry in Argentina.”
Glencore Agriculture Regional Director, South America, Sergio Gancberg said Glencore Agriculture established the joint venture with Vicentin in 2006 and has continued investing in the business since then.
“The most recent investment was expanding the processing capacity of the Timbues crushing facility which was completed this year. Through our majority ownership of Renova we will continue to provide an efficient and sustainable supply chain for the Argentinian industry and the region’s expanding production of soybeans and corn,” Sergio said.
Renova is a joint venture between Glencore Agriculture and Vicentin. Renova has several assets in Argentina including a processing facility in Timbues.
The Timbues processing facility was constructed in 2012 and expanded in 2019. It has the capacity to crush 32,500 tonnes of soybeans per day. The plant has its own port facility and loads soybean oil, soybean meal and corn for export to destinations around the world.
About Glencore Agriculture
Glencore Agriculture is a global leader in the origination, handling, processing and marketing of agricultural commodities and products. With operations in more than 35 countries and over 13,000 employees, we create value for producers at origin and customers at destination. Our strategic network of storage, processing and transport assets and infrastructure and strong relationships along the supply chain enable us to efficiently and effectively meet the needs of our customers worldwide.
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