December 22, 2015 Geneva ( BusinessWire ) –COFCO International Ltd. has agreed to buy the remaining 49% share of Noble Agri Ltd., bringing COFCO’s ownership to 100%.
The transaction was announced by Noble Group in a separate press statement. The transaction is subject to customary approvals.
Terms of the agreement were not disclosed. The consolidated company will take the name COFCO Agri Ltd.
“The consolidation of our ownership is a strong step towards our guiding vision: to be a multi-flag world class global agri-business,” said Matt Jansen, CEO of Noble Agri Ltd. and now of Cofco Agri. “The base we build on – our global reach, our operations in 29 countries – positions us to reach that goal.”
Frank Ning, Chairman of COFCO Group, commented: “I have said since we acquired our initial stake in Noble Agri that we have every confidence in its vision and its new leadership. In terms of our expectations in the critical global agri-business sector, I trust our decision to acquire 100% speaks for itself.”
Regarding Noble Group, Mr. Jansen added: “The opportunities we have today are our own, but the fact that we have them owes a great deal to the assets and the expertise Noble Group has assembled over many years. A company like ours – in the business we are in – must never forget its roots.”
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 $14.9 billion last year, and delivered 46 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.