Archer Daniels Midland (ADM) has completed the acquisition of 50% stake in Egypt-based Medsofts Group.
The new 50-50 joint venture (JV) ADM Medsofts will provide commodity merchandising, transportation and delivery services to the customers in Egypt.
ADM Medsofts operates an international merchandising operation that handles around two million metric tons of grains, oilseeds and soft commodities per annum in the Middle East and North Africa.
It also manages a grain distribution operation that serves customers in Egypt, in addition to an inland logistics network that connects port operations to customers across Egypt.
ADM’s EMEA operations and agricultural services business unit president Joe Taets said: “This new joint venture has the right assets, the right team and the right global resources to serve customers in Egypt.
“This is an excellent addition that helps meet several of ADM’s key strategic goals as it further diversifies and expands our merchandising footprint, helps us grow our logistics services, and represents another important enhancement of our destination marketing capabilities, which are getting us closer to our customers as we deliver products directly to them.”
Additionally, the JV also acquired a 50% stake in Nile Stevedoring & Storage Company (NSSC), which has grain port facility at the Port of Alexandria, Egypt. Source: LBR