Glencore Becomes Majority Owner of Renova
Company invests in its Argentinian supply chain and processing business
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 says.