Italy: US agri-food group, Cargill and Italian company Pagnan have reached agreement for Cargill to acquire Pagnan’s grain and oilseed meals trading business. The deal is subject to regulatory approval, Cargill announced on February 15.
On completion of the deal, Cargill plans to absorb Pagnan’s grain and oilseed meals, import and trading business into a newly formed subsidiary called Pagnan Commerciale SRL. Paolo Pagnan will be an executive board member of the new company thus ensuring that the business continues to benefit from his knowledge of the trading markets and relationships with existing Italian customers.
“Cargill’s international presence and industry expertise will greatly complement the new business and increase the volumes of grains and other products being handled in the ports of the north Adriatic, in particular Venice and Chioggia and in the river destinations of Rovigo, Mantova and Cremona”, says Renato Pagnan, president of Pagnan s.p.a. “We are happy to continue in the trading business by becoming shareholders in Pagnan Commerciale SRL.”
The Pagnan group will focus its activities on the logistics of discharge and warehousing through Pagnan s.p.a.
“Working with Pagnan will help to consolidate our grain trading operations in Italy,” comments Jack Van Den Hoek, head of Cargill’s Mediterranean grain and oilseed operations. “We are impressed with the professionalism of the Pagnan team and are confident that our combined skills will help grow the business in ways that wouldn’t have been possible separately, with particular benefits to our agri-food customers.”
Cargill already operates grain trading, animal feed and starch and sweetener businesses in Italy.
Cargill, Incorporated is an international provider of food, agricultural and risk management products and services. With 105,000 employees in 59 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed.
Pagnan is a family-run company in operation since the 1930s in the Italian domestic and overseas trade of grains and assorted by-products.
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