GENEVA--(BUSINESS WIRE)--COFCO International Limited is pleased to announce that the purchase of the remaining 49% share of Noble Agri Ltd. has been successfully closed. The completion of the deal, initially announced on December 23, 2015, brings COFCO group’s ownership, including indirect holding through its affiliates, to 100%. COFCO International Limited is a consortium comprising of COFCO, a leading supplier of diversified products in the Chinese agricultural and food products industry and other international investors.
Following closing, the company will take the name of COFCO Agri Ltd.
“I want to thank everyone on our team for all they’ve done to make this such a seamless acquisition,” said Mr. Matt Jansen, CEO of COFCO Agri Ltd. “The closing of the acquisition marks a major milestone. Progress like this does not happen without a consistent, concerted effort at every level of the Company. Together, we are going to make COFCO Agri the most trusted brand in the global agri-business industry.”
The new COFCO Agri, with 45 asset locations in 29 countries, generated sales of nearly $17 billion last year, and delivers 47 million tones of products globally.
Patrick Yu, President of COFCO Corp., commented: “From the initial acquisition in April 2014 to the purchase of the remaining share at the end of December to the closing today, COFCO Agri is moving rapidly to take its place as a multi-flag world-class global agri-business. Performance across all business units has improved dramatically since June of last year, and we expect to see further improvement in 2016.”
ABOUT COFCO AGRI LTD.
COFCO Agri engages in agricultural trading and processing businesses, which it originates from surplus producing regions such as South America, South Africa, East Europe, North America and Australia, to supply regions with high demand such as China, Asia and the Middle East. We own and operate logistics and processing assets in strategic locations within key global trade flows. COFCO Agri had sales of nearly $17 billion last year, and delivered 47 million tones of products globally, with 45 asset locations and 9,500 employees in 29 countries.
COFCO Agri’s continued growth is enhanced by the fact that it is the principal international origination platform for COFCO, with its upstream origination and trading operations linked to the downstream processing and distribution capabilities of COFCO and its affiliates in China to create a fully integrated value chain, consistent with COFCO’s strategy.