CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) and Marubeni Corporation
(TSE: 8002) announced today that they have expanded Kalama Export
Company LLC (KEC), their joint venture in the U.S. Pacific Northwest, as
a result of Marubeni’s contribution of its grain export elevator
operations at Terminal 5 in The Port of Portland, Oregon, to Columbia
Export Terminal, a subsidiary of KEC. In connection with the
transaction, the parties also intend to rename KEC as Pacificor, LLC.
KEC, which was formed in 1998 by Marubeni’s subsidiary, Gavilon
Holdings, LLC; ADM; and Agrex, Inc., is engaged in the business of
exporting grains and oilseeds via its grain elevator operation located
in The Port of Kalama, Washington. The Kalama and Portland grain
elevator facilities will continue to operate separately and maintain
separate control of labor relations, but their common ownership is
expected to improve efficiency and achieve more effective operation of
the businesses.
“This action represents another important step in our ongoing efforts to
build ADM’s Agricultural Services value chain from origination to
destination,” said Joe Taets, ADM senior vice president and president,
Agricultural Services. “With the addition of these export operations to
Kalama Export Company, we are further expanding our network in a
capital-effective way.”
“We believe that common ownership of the facilities will accelerate the
parties’ efforts to improve operational efficiency and effectiveness,
which ultimately will enable us to provide better service to our
customers, worldwide,” added Satoshi Wakabayashi, Marubeni’s Managing
Executive Officer, Chief Operating Officer, Food Material Division.
About Marubeni
Established in 1949, Marubeni is responsible for the handling of
products and provision of services in a broad range of sectors. These
areas encompass importing and exporting, as well as transactions in the
Japanese market, related to food, textiles, materials, pulp and paper,
chemicals, energy, metals and mineral resources, transportation
machinery, and include offshore trading. The company's activities also
extend to power projects and infrastructure, plants and industrial
machinery, real estate development and construction, and finance,
logistics and information industry. Additionally, Marubeni conducts
business investment, development and management on a global level. For
more information, visit www.marubeni.com.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 31,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 270 processing plants, 470 crop procurement
facilities, and the world’s premier crop transportation network, ADM
helps connect the harvest to the home in more than 140 countries. For
more information about ADM and its products, visit www.adm.com.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 217-424-5413
media@adm.com