ADM sells Brazilian ethanol plant
In Illinois, Archer Daniels Midland Company announced that it has sold its sugarcane ethanol operations in Brazil. The sugar and ethaqnopl plant is located in the city of Limeira do Oeste.
“ADM’s Corn business is delivering on its strategy of diversifying our portfolio and expanding our global footprint, while addressing underperforming businesses,” said Chris Cuddy, president of ADM’s corn processing business unit. “Last November, we completed our purchase of former Eaststarch assets in Europe. Earlier this year, we announced the purchase of a sweetener facility in Morocco. And now, we’ve completed the sale of our sugarcane ethanol operations in Brazil, which we determined were unlikely to meet our long-term returns objectives. We are continuing to take strategic action to drive results and deliver healthy returns for our shareholders.”