Bunge completes sale of its Brazilian fertilizer business
Bunge Limited announced that it has successfully completed the sale of its Brazilian fertilizer operations, including blending facilities, brands and warehouses, to Yara International ASA for $750 million, subject to certain post-closing adjustments.
Through a long-term supply agreement with Yara, Bunge will continue to supply fertilizer to farmers in Brazil as part of its grain origination activities. The company will also continue to operate its fertilizer terminal in the Port of Santos.
"We are delighted that the transaction has been successfully completed. This sale enables Bunge to size our Brazilian fertilizer activities so they are a more streamlined complement to our agribusiness operations," stated Soren Schroder, Bunge's Chief Executive Officer. "The proceeds, when combined with reduced capital expenditures and expected lower working capital needs in the second half of 2013, will enhance our financial flexibility and strong balance sheet."