Golden Peanut Expands To South Africa

Golden Peanut Company LLC, a wholly owned subsidiary of Archer Daniels Midland Company, acquired an 80% percent ownership stake in the assets of P-Farm Agente, one of South Africas largest peanut processors, and 50% ownership of South African Pecans.

DECATUR, Ill.Golden Peanut Company LLC, a wholly owned subsidiary of Archer Daniels Midland Company, acquired an 80% percent ownership stake in the assets of P-Farm Agente, one of South Africas largest peanut processors, and 50% ownership of South African Pecans.

P-Farm Agentes assets include a bulk warehouse and a shelling plant capable of processing 20,000 metric tons of peanuts per year. The company has about 85 permanent employees and has been privately owned by Alfonso Visser since its formation in 1997.

Visser will continue to control 20% of the company, which is located in Hartswater, South Africa. Golden Peanut intends to retain the vast majority of the companys full-time employees, and will continue to utilize many of the seasonal and part-time workers traditionally employed by P-Farms Agente.

Golden Peanut also signed an agreement to acquire 50% ownership of South African Pecans, a pecan processor and marketer that will operate under the name GPC Pecan S.A. Visser will continue to control the remaining 50%.

The peanut business will operate under the name Golden Peanut and Tree Nut S.A. Golden Peanut plans to invest to increase the processing and warehouse capacity of both businesses. Both the peanut and pecan businesses will respect existing customer and supply arrangements after the transactions close.

Our entry into the South African peanut market augments Golden Peanuts presence in the United States and Argentina, enabling us to serve more customers from more points of origin," said Kris Lutt, president, Golden Peanut Company. The regional origination and export capacity provided by P-Farms operations will help Golden Peanut advance toward our goal of becoming a global groundnut sheller and handler."

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