World Grain - September 2013 - 36

FEATURE

Divergent paths for
Bunge business sectors
W

hen Bunge Ltd. went public in 2001, the company’s
stated strategic objectives were to grow its agribusiness and fertilizer operations, having sold off a scattering of businesses in several other sectors. After steadfastly
pursuing this strategy, Bunge more recently has heightened its
emphasis on agribusiness while paring back in fertilizer.
But for the initial public offering, Bunge would not have
been able to accomplish what it has in either sector, said
Alberto Weisser, executive chairman. To begin, the offering,
in which the company raised more than a quarter billion dollars, allowed Bunge to acquire Cereol S.A. (including Central
Soya) for approximately €1.3 billion in 2002.
“Our agribusiness segment today is 10 times bigger,” he said.
“Ten years ago we would never have been able to do this.”
Even though the segment has faced challenges, Weisser,
who retired earlier this year as chief executive officer, was
unequivocal in his view of how agribusiness has fared during
the past decade-plus.
“In agribusiness, we have been completely successful,” he
said. “We are very happy with the direction we have gone and
are going. We are in the right industry and the strategies have
worked out. Now obviously at the moment the whole industry is
under a challenge, because we have some excess crush capacity. So you have seen returns coming down. It’s hurt everybody.”
Still, Weisser recalled comments made in a 2002 Milling
& Baking News interview, recognizing that profitability in
oilseeds processing (part of the company’s agribusiness segment) is unavoidably cyclical. Weakness in oilseeds processing has pressured earnings in the past year. Still, he said the
cyclicality is not as severe as in the past.
“Margins today in North America are smaller, but not as low
as they have been in the past,” he said. “Our industry has become more rational and resilient. We have had over 30 years of
growth in global vegetable oil consumption. But the returns are
below what they should be. I think that will solve itself with additional demand and then capacity utilization goes up.”
Also in the segment, the company has grown geographical36

by Josh Sosland

Company putting heightened
emphasis on Agribusiness while
paring back Fertilizer
ly and added financial and other services for farmers as well
as additional products.
“Our strategy in agribusiness was about growing in more products and in more geographies,” he said. “We started with soybean
and added canola, sunflower, palm and peanuts. And in grain, we
started with corn and added wheat, barley, sorghum and rice.”
Weisser offered as an example of the company’s success

September 2013 / World Grain / www.World-Grain.com


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World Grain - September 2013

Table of Contents for the Digital Edition of World Grain - September 2013

World Grain - September 2013
Table of Contents
From the Editor-in-chief - Synthetic hexaploid wheat may win
Calendar of Events
IAOM MEA District Conference
News Review - IFC, Olam finance expansion of Nigerian flour mill
Kyrgyzstan launches wheat flour investigation
CHS, Dakota Plains considering merger
Brazil emerges as major market for U.S. wheat
Mennel Milling elects Ford Mennel president
CME launches KC wheat short-dated options
ADM earnings slip amid pre-tax charges, tight crop supplies
Cargill to purchase Australia’s largest malt producer
Cargill earnings rise in fiscal year despite drought
Global Grain Geneva planned Nov. 12-14
Carr’s Milling invests in feed mill joint venture
NAMA appoints McCarthy new president
Ingredion earnings down 14%
New leadership at ADM Ag Services, Animal Nutrition
Emerald’s initial wheat export plan revised
Deyu outlines new strategy
Grain Market Review - Oilseeds
Country Focus - Libya
Feature - Pursuing a global footprint
Bunge IPO part of ‘sea change’ across entire grain industry
Feature - Divergent paths for Bunge business sectors
Feature - A big step forward for Gambia
Feature - Grain and Milling Management
Feature - Construction activity strong in milling industry
Milling Operations - Post-production flour treatments
Feature - Latest milling technology
Feed Operations - Continuous proportioning/ mixing systems
Feature - Central Asian breadbasket
Feature - Milestone year for Richardson International
Richardson Anniversary Events
Feature - Australia seeks bigger role in Asia
Grain Operations - Dust control, prevention
Feature - Starting new traditions
Other non-traditional grains to consider
World Grain Weather Report - Dryness expands around the world
Supplier News
Product Showcase
World Grain Archive
Ad Index/Reader Information Form International Faxback Program
World Grain - September 2013 - World Grain - September 2013
World Grain - September 2013 - 2
World Grain - September 2013 - 3
World Grain - September 2013 - 4
World Grain - September 2013 - Table of Contents
World Grain - September 2013 - 6
World Grain - September 2013 - 7
World Grain - September 2013 - From the Editor-in-chief - Synthetic hexaploid wheat may win
World Grain - September 2013 - 9
World Grain - September 2013 - IAOM MEA District Conference
World Grain - September 2013 - 11
World Grain - September 2013 - CHS, Dakota Plains considering merger
World Grain - September 2013 - 13
World Grain - September 2013 - Brazil emerges as major market for U.S. wheat
World Grain - September 2013 - CME launches KC wheat short-dated options
World Grain - September 2013 - ADM earnings slip amid pre-tax charges, tight crop supplies
World Grain - September 2013 - Cargill earnings rise in fiscal year despite drought
World Grain - September 2013 - Carr’s Milling invests in feed mill joint venture
World Grain - September 2013 - Ingredion earnings down 14%
World Grain - September 2013 - New leadership at ADM Ag Services, Animal Nutrition
World Grain - September 2013 - 21
World Grain - September 2013 - Deyu outlines new strategy
World Grain - September 2013 - 23
World Grain - September 2013 - Grain Market Review - Oilseeds
World Grain - September 2013 - 25
World Grain - September 2013 - Country Focus - Libya
World Grain - September 2013 - 27
World Grain - September 2013 - 28
World Grain - September 2013 - 29
World Grain - September 2013 - Feature - Pursuing a global footprint
World Grain - September 2013 - 31
World Grain - September 2013 - Bunge IPO part of ‘sea change’ across entire grain industry
World Grain - September 2013 - 33
World Grain - September 2013 - 34
World Grain - September 2013 - 35
World Grain - September 2013 - Feature - Divergent paths for Bunge business sectors
World Grain - September 2013 - 37
World Grain - September 2013 - Feature - A big step forward for Gambia
World Grain - September 2013 - 39
World Grain - September 2013 - 40
World Grain - September 2013 - 41
World Grain - September 2013 - 42
World Grain - September 2013 - 43
World Grain - September 2013 - Feature - Grain and Milling Management
World Grain - September 2013 - 45
World Grain - September 2013 - 46
World Grain - September 2013 - 47
World Grain - September 2013 - Feature - Construction activity strong in milling industry
World Grain - September 2013 - 49
World Grain - September 2013 - 50
World Grain - September 2013 - 51
World Grain - September 2013 - 52
World Grain - September 2013 - 53
World Grain - September 2013 - 54
World Grain - September 2013 - 55
World Grain - September 2013 - 56
World Grain - September 2013 - 57
World Grain - September 2013 - Milling Operations - Post-production flour treatments
World Grain - September 2013 - 59
World Grain - September 2013 - 60
World Grain - September 2013 - 61
World Grain - September 2013 - 62
World Grain - September 2013 - 63
World Grain - September 2013 - 64
World Grain - September 2013 - 65
World Grain - September 2013 - Feature - Latest milling technology
World Grain - September 2013 - 67
World Grain - September 2013 - 68
World Grain - September 2013 - 69
World Grain - September 2013 - Feed Operations - Continuous proportioning/ mixing systems
World Grain - September 2013 - 71
World Grain - September 2013 - 72
World Grain - September 2013 - 73
World Grain - September 2013 - 74
World Grain - September 2013 - 75
World Grain - September 2013 - Feature - Central Asian breadbasket
World Grain - September 2013 - 77
World Grain - September 2013 - 78
World Grain - September 2013 - 79
World Grain - September 2013 - 80
World Grain - September 2013 - 81
World Grain - September 2013 - 82
World Grain - September 2013 - 83
World Grain - September 2013 - Feature - Milestone year for Richardson International
World Grain - September 2013 - 85
World Grain - September 2013 - 86
World Grain - September 2013 - 87
World Grain - September 2013 - Richardson Anniversary Events
World Grain - September 2013 - 89
World Grain - September 2013 - 90
World Grain - September 2013 - 91
World Grain - September 2013 - 92
World Grain - September 2013 - 93
World Grain - September 2013 - Feature - Australia seeks bigger role in Asia
World Grain - September 2013 - 95
World Grain - September 2013 - 96
World Grain - September 2013 - 97
World Grain - September 2013 - Grain Operations - Dust control, prevention
World Grain - September 2013 - 99
World Grain - September 2013 - 100
World Grain - September 2013 - 101
World Grain - September 2013 - 102
World Grain - September 2013 - 103
World Grain - September 2013 - Feature - Starting new traditions
World Grain - September 2013 - 105
World Grain - September 2013 - 106
World Grain - September 2013 - Other non-traditional grains to consider
World Grain - September 2013 - 108
World Grain - September 2013 - 109
World Grain - September 2013 - World Grain Weather Report - Dryness expands around the world
World Grain - September 2013 - 111
World Grain - September 2013 - 112
World Grain - September 2013 - 113
World Grain - September 2013 - Supplier News
World Grain - September 2013 - 115
World Grain - September 2013 - 116
World Grain - September 2013 - 117
World Grain - September 2013 - 118
World Grain - September 2013 - 119
World Grain - September 2013 - Product Showcase
World Grain - September 2013 - World Grain Archive
World Grain - September 2013 - Ad Index/Reader Information Form International Faxback Program
World Grain - September 2013 - 123
World Grain - September 2013 - 124
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http://digital.world-grain.com/sosland/wg/2005_12_01
http://digital.world-grain.com/sosland/wg/2005_11_01
http://digital.world-grain.com/sosland/wg/2005_10_01
http://digital.world-grain.com/sosland/wg/2005_09_01
http://digital.world-grain.com/sosland/wg/2005_08_01
http://digital.world-grain.com/sosland/wg/2005_07_01
http://digital.world-grain.com/sosland/wg/2005_06_01
http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com