razilian sugar and ethanol trader Copersucar will establish a new 50:50 joint venture (JV) to combine their global sugar trading activities.The JV will build on the capabilities of both companies, and will engage in commercialization and trading of raw and white sugar.
With combined global supply chain of both the firms, the JV will be able to move a wide range of sugar qualities from port to destination efficiently, catering to customer requirements worldwide.
It will also benefit from Copersucar's global footprint and supply, including in Brazil, Thailand, India, Central America and Australian regions.
Copersucar chairman Luis Roberto Pogetti said that through the new company, Copersucar reinforces its strategy of achieving a global footprint in the sugar market.
"Copersucar also enhances its unique business model, based on large-scale supply, logistic capacity and the integration of all links of the chain, from the producers to the customers," Pogetti added.
Cargill corporate vice president Olivier Kerr said, "We believe that the strong analytical capabilities of our trading teams combined with the global footprint of this new joint venture, will offer our customers a distinct understanding of the global market."
A new name for the JV, which will be based in Geneva, Switzerland, will be announced soon. It will operate offices in Hong Kong, Sao Paulo, Miami, Delhi, Moscow, Jakarta, Shanghai, Bangkok and Dubai.
The JV will be headed by Ivo Sarjanovic, who currently leads Cargill's sugar business, while Soren Hoed Jensen, sugar & ethanol sales executive director of Copersucar, will assume the role of COO.
