World Grain -- December 2013 - 17

A Flour World
Museum story

newsreview

No. 10

Schroder: Mexican mill acquisition fits Bunge's portfolio
WHITE PLAINS, NEW YORK, U.S. - The
acquisition of the wheat milling business of
Mexico City-based Grupo Altex SA de CV
should make Mexico "an important part of
Bunge's North American portfolio" going
forward, said Soren Schroder, chief executive officer of Bunge Ltd.
In an Oct. 24 conference call with analysts
to discuss third-quarter results, Schroder discussed the impact of the purchase of Grupo
Altex, which was announced on Oct. 23. A
leading Mexican wheat miller with six mills
and annual processing capacity of approximately 17.6 million cwts, Grupo Altex "fits
what we are good at," Schroder said.
As part of the acquisition, Bunge will get
an expansive product portfolio that includes
products made from many varieties of wheat,
including bread flour, prepared flours for
baked foods, tortillas and pizza, and semolina
for pasta. Additionally, Bunge will receive the
company's brands and its innovation center.
The acquisition comes a little more than
a year after Bunge secured a majority equity
stake in Harinera La Espiga SA de CV, a wheat
milling business in Mexico that produces
flours and bakery mixes under such brands as
Espiga, Esponja, Francesera, Chulita, Galletera
and Pastelera. Prior to last year, Bunge held a
31.5% interest in the company with Grupo
Neva, SA de CV and Cerrollera, SA de CV.
"Added to La Espiga, (Grupo Altex) really gives us a very nice national position in
Mexico," Schroder said. "It makes us a leading
wheat miller with the best assets. It's a business that has steady EBITDA margins. It is
very much linked to agribusiness. Our ability
to procure and manage risk around wheat flows
is strong. And it fits our focus on B2B customers in North America, and globally, as well.
"So this is a very nice acquisition that fits

what we are good at, and yes, we would like
to pursue more of the same kind."
Schroder said Bunge expects EBIT contribution from the Grupo Altex business to
be about $35 million in fiscal 2014, perhaps
a little higher.
"This is a very accretive acquisition," he
said. "It is an acquisition that is also in a
space we feel very comfortable, so we consider the risks in achieving those returns to
be very modest."
Late last year, Decatur, Illinois, U.S.based Archer Daniels Midland Co. sold
back its stake in Mexico-based Gruma SAB
de CV. Asked whether ADM's experiences
served as a cautionary tale for Bunge as it
looked to expand in Mexico, Schroder said
the company has been studying Mexico
"intensely" for the past several years, and it
"wasn't a quick decision that we reached."
"We have been able to observe and look at
the Mexican flour milling industry through
the eyes of La Espiga for a number of years,"
he said. "We we were partners there first for
well over 10 years, and so understanding the
Mexican flour milling business, I think we
got from the inside.
"That's what gave us the confidence
to acquire the majority in that business a
couple of years ago. And based on that and
some, I think, very diligent and thorough
work on the industry itself, we reached the
conclusion that the collection of assets that
Altex represents really would be the best
way for us to expand.
"It is quite a different business than Gruma, as you correctly point out, so I don't
think you can really compare them, but I
would give you confidence - or comfort -
that we have studied this and we think we
know what we are doing."

David Blumberg to lead Blumberg Grain's West Africa division
MIAMI, FLORIDA, U.S. - David Blumberg has been named chief executive for
the company's division in West Africa.
He has top managerial responsibility for
markets, hubs and operations in Ghana, Nigeria and other West Africa and
Sahel markets.
Blumberg has spent the last two years in the
region and has working relationships with the
governments and staff in Ghana and Nigeria.
He will be joined by other company executives and Blumberg Grain's advisory board
of independent members overseeing strategy
and serving as the audit committee for all

companies and affiliates in Blumberg Grain.
Blumberg, a native
of Miami, Florida, U.S.,
is a graduate in business with honors from
the University of North
Carolina where he received one of the university's highest distinctions, the Order of the
Blumberg
Golden Fleece.
Blumberg worked at Deloitte, in their strategy and operations consulting division, before
joining Blumberg Grain in 2012.

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

King-size
king cake
You can get it as a dry cake, with cream,
truffle chocolate, or in world-record size
- king cake, eaten in Mexico since the
16th century at Epiphany. To celebrate
200 years of Mexican independence,
Mexico City bakers made a truly kingsize "Rosca de Reyes" weighing ten
tons and measuring 2360 feet long.
The massive cake took 16,684 pounds
of flour, 56,880 eggs and 8157 pounds
of butter, and cut nicely into 254,000
pieces. But no one knows who found
the porcelain figurine that is hidden in
every "Rosca de Reyes". This will no
doubt remain a mystery, for whoever
finds it must make tamales for all the
guests on February 2, the Fiesta de la
Candelaria. With this gargantuan cake
that would be an impossible task.
The Mühlenchemie FlourWorld Museum
in Wittenburg is an expression of our
company culture and the responsibility
we feel towards the miller and his
flour, as one of the most important
staple foods. The museum is a journey
through the millennia, illuminating the
development and importance of flour.
It is the only one of its kind in the world.
www.mehlwelten.de
For more information, see Page 102.

17

www.muehlenchemie.de


http://www.mehlwelten.de http://www.World-Grain.com http://www.muehlenchemie.de

World Grain -- December 2013

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

World Grain -- December 2013
Table of Contents
From the Editor-in-Chief - Dynamic global milling in new data
Calendar of Events
Inaugural Oilseed Congress Europe
News Review - ADM’s GrainCorp acquisition rejected; CEO resigns
Weather woes hurt GrainCorp’s 2013 results
Viterra investing in grain handling network
CWB to purchase Mission Terminal
ADM to build third feed plant in China
Walter Klein, longtime head of Bunge Corp., dies
Schroder: Mexican mill acquisition fits Bunge’s portfolio
David Blumberg to lead Blumberg Grain’s West Africa division
Ethanol, rail gives The Andersons a record quarter
FAO: Typhoon Haiyan hurt rice crop
MGPI to build momentum through current strategy
Thailand suffers significant loss due to rice subsidy
Deyu reports loss in third quarter
U.S. EPA proposes lower RFS target
Vietnam’s 2013 rice exports reach nearly $2.5 billion
Grain Market Review - Coarse Grains
Country Focus - Sweden
Feature - The wait is over
Feature - European feed industry challenges
Feature - IPPE plans second combined show
Feed Operations - Choosing a batch mixer
Feature - Flour output rising in developing nations
Feature - Investing in oats
Feature - Oilseed & Grain Trade Summit
Feature - IAOM MEA review
Grain Operations - Stored grain compaction factor
Technical Profile - Meeting quality parameters
Supplier News
World Grain Archive
Ad Index/Reader Information Form International Faxback Program
World Grain -- December 2013 - World Grain -- December 2013
World Grain -- December 2013 - 2
World Grain -- December 2013 - 3
World Grain -- December 2013 - 4
World Grain -- December 2013 - Table of Contents
World Grain -- December 2013 - 6
World Grain -- December 2013 - 7
World Grain -- December 2013 - From the Editor-in-Chief - Dynamic global milling in new data
World Grain -- December 2013 - 9
World Grain -- December 2013 - Inaugural Oilseed Congress Europe
World Grain -- December 2013 - 11
World Grain -- December 2013 - Weather woes hurt GrainCorp’s 2013 results
World Grain -- December 2013 - 13
World Grain -- December 2013 - CWB to purchase Mission Terminal
World Grain -- December 2013 - ADM to build third feed plant in China
World Grain -- December 2013 - Walter Klein, longtime head of Bunge Corp., dies
World Grain -- December 2013 - David Blumberg to lead Blumberg Grain’s West Africa division
World Grain -- December 2013 - FAO: Typhoon Haiyan hurt rice crop
World Grain -- December 2013 - Thailand suffers significant loss due to rice subsidy
World Grain -- December 2013 - Vietnam’s 2013 rice exports reach nearly $2.5 billion
World Grain -- December 2013 - 21
World Grain -- December 2013 - Grain Market Review - Coarse Grains
World Grain -- December 2013 - 23
World Grain -- December 2013 - Country Focus - Sweden
World Grain -- December 2013 - 25
World Grain -- December 2013 - 26
World Grain -- December 2013 - 27
World Grain -- December 2013 - 28
World Grain -- December 2013 - 29
World Grain -- December 2013 - Feature - The wait is over
World Grain -- December 2013 - 31
World Grain -- December 2013 - 32
World Grain -- December 2013 - 33
World Grain -- December 2013 - 34
World Grain -- December 2013 - 35
World Grain -- December 2013 - 36
World Grain -- December 2013 - 37
World Grain -- December 2013 - Feature - European feed industry challenges
World Grain -- December 2013 - 39
World Grain -- December 2013 - 40
World Grain -- December 2013 - 41
World Grain -- December 2013 - 42
World Grain -- December 2013 - 43
World Grain -- December 2013 - Feature - IPPE plans second combined show
World Grain -- December 2013 - 45
World Grain -- December 2013 - 46
World Grain -- December 2013 - 47
World Grain -- December 2013 - 48
World Grain -- December 2013 - 49
World Grain -- December 2013 - Feed Operations - Choosing a batch mixer
World Grain -- December 2013 - 51
World Grain -- December 2013 - 52
World Grain -- December 2013 - 53
World Grain -- December 2013 - 54
World Grain -- December 2013 - 55
World Grain -- December 2013 - 56
World Grain -- December 2013 - 57
World Grain -- December 2013 - 58
World Grain -- December 2013 - 59
World Grain -- December 2013 - Feature - Flour output rising in developing nations
World Grain -- December 2013 - 61
World Grain -- December 2013 - 62
World Grain -- December 2013 - 63
World Grain -- December 2013 - Feature - Investing in oats
World Grain -- December 2013 - 65
World Grain -- December 2013 - 66
World Grain -- December 2013 - 67
World Grain -- December 2013 - Feature - Oilseed & Grain Trade Summit
World Grain -- December 2013 - 69
World Grain -- December 2013 - 70
World Grain -- December 2013 - 71
World Grain -- December 2013 - 72
World Grain -- December 2013 - 73
World Grain -- December 2013 - Feature - IAOM MEA review
World Grain -- December 2013 - 75
World Grain -- December 2013 - 76
World Grain -- December 2013 - 77
World Grain -- December 2013 - 78
World Grain -- December 2013 - 79
World Grain -- December 2013 - 80
World Grain -- December 2013 - 81
World Grain -- December 2013 - 82
World Grain -- December 2013 - 83
World Grain -- December 2013 - Grain Operations - Stored grain compaction factor
World Grain -- December 2013 - 85
World Grain -- December 2013 - 86
World Grain -- December 2013 - 87
World Grain -- December 2013 - 88
World Grain -- December 2013 - 89
World Grain -- December 2013 - Technical Profile - Meeting quality parameters
World Grain -- December 2013 - 91
World Grain -- December 2013 - 92
World Grain -- December 2013 - 93
World Grain -- December 2013 - Supplier News
World Grain -- December 2013 - 95
World Grain -- December 2013 - 96
World Grain -- December 2013 - 97
World Grain -- December 2013 - 98
World Grain -- December 2013 - 99
World Grain -- December 2013 - 100
World Grain -- December 2013 - World Grain Archive
World Grain -- December 2013 - Ad Index/Reader Information Form International Faxback Program
World Grain -- December 2013 - 103
World Grain -- December 2013 - 104
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https://digital.world-grain.com/sosland/wg/world-grain-october-2021
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http://digital.world-grain.com/sosland/wg/2008_01_01
http://digital.world-grain.com/sosland/wg/2007_12_01
http://digital.world-grain.com/sosland/wg/2007_11_01
http://digital.world-grain.com/sosland/wg/2007_10_01
http://digital.world-grain.com/sosland/wg/2007_09_01
http://digital.world-grain.com/sosland/wg/2007_08_01
http://digital.world-grain.com/sosland/wg/2007_07_01
http://digital.world-grain.com/sosland/wg/2007_06_01
http://digital.world-grain.com/sosland/wg/2007_05_01
http://digital.world-grain.com/sosland/wg/2007_04_01
http://digital.world-grain.com/sosland/wg/2007_03_01
http://digital.world-grain.com/sosland/wg/2007_02_01
http://digital.world-grain.com/sosland/wg/2007_01_01
http://digital.world-grain.com/sosland/wg/2006_12_01
http://digital.world-grain.com/sosland/wg/2006_11_01
http://digital.world-grain.com/sosland/wg/2006_10_01
http://digital.world-grain.com/sosland/wg/2006_09_01
http://digital.world-grain.com/sosland/wg/2006_08_01
http://digital.world-grain.com/sosland/wg/2006_07_01
http://digital.world-grain.com/sosland/wg/2006_06_01
http://digital.world-grain.com/sosland/wg/2006_05_01
http://digital.world-grain.com/sosland/wg/2006_04_01
http://digital.world-grain.com/sosland/wg/2006_03_01
http://digital.world-grain.com/sosland/wg/2006_02_01
http://digital.world-grain.com/sosland/wg/2006_01_01
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