World Grain - November 2022 - 12

NEWS REVIEW
Mondelez marks Ohio mill's 130th anniversary
CHICAGO, ILLINOIS, US - Mondelez International, Inc.
held a daylong celebration Oct. 8 to mark the 130th anniversary
of its biscuit flour mill in Toledo, Ohio, US.
The mill is the largest dedicated soft wheat mill in North
America, according to Mondelez, and has storage capacity of
5.5 million bushels of wheat. It processes over 1,500 tons of
flour on an average day. The flour is shipped to Mondelez bakeries
across North America and then used to make snacks, including
Oreo and Chips Ahoy! cookies and Ritz crackers. The
mill began operations in 1892 and became part of the National
Biscuit Co. (Nabisco) in 1926.
" Our Toledo flour mill has been a valuable part of our US
baking footprint for more than a century, and I am proud to join
Viterra completes Gavilon purchase
ROTTERDAM, NETHERLANDS - Viterra Ltd. announced
Oct. 3 that it has closed its stock purchase agreement to acquire
the grain and ingredients business of Gavilon Agriculture
Investment Inc. (Gavilon), a wholly owned US-based subsidiary
of Marubeni America Corp., for $1.125 billion, plus
working capital and subject to certain price adjustments.
Gavilon, headquartered in Omaha, Nebraska, US, originates,
stores and distributes grains and oilseeds, as well as
feed and food ingredients to domestic and global markets.
Gavilon's assets are in major growing areas across the United
States, with access to major railroads, rivers and ports. It has
105 grain storage facilities and total grain storage capacity of
Renewable fuel lifts Bunge outlook
ST. LOUIS, MISSOURI, US - Expressing confidence in
continued global demand for renewable fuels, executives of
Bunge Ltd. raised the company's earnings outlook for fiscal
2022 during an Oct. 26 conference call to discuss third-quarter
results. Greg Heckman, chief executive officer, said Refined
and Specialty Oils has proven to be the most stable part of the
company's P&L.
" Renewable diesel, that is definitely a tailwind in biofuels
in general globally, " he said. " I think the energy prices and the
volatility we expect going forward, that doesn't look like that's
going to change. Adjusted core segment EBIT was above last
year's results and ahead of our expectations driven by strong
performances in Agribusiness and Refined and Specialty Oils.
Like all businesses, we are impacted by inflation or recession
but not in the same manner or magnitude as purely industrial
companies due to our place in the center of the supply chain.
" Looking ahead, we expect the market to remain dynamic
and are moving forward with our usual discipline. Based upon
our execution so far and the current environment, we now expect
to deliver adjusted EPS of at least $13.50 for the full year
2022, which would be our third record year in a row. "
In the third quarter ended Sept. 30, net income attributable
to Bunge eased to $380 million, equal to $2.49 per share on
12
the common stock, down sharply from $653 million, or $4.28
per share, in the year-ago quarter. Adjusted EPS for the quarter
was $3.45, down 7% from $3.72 a year ago.
" Our reported results include a negative market-to-market
timing difference of 19¢ per share and a net negative impact of
70¢ per share related to one-time items, " said John W. Neppl,
executive vice president and chief financial officer. " EBIT
was $740 million in the quarter versus $698 million last year. "
In Bunge's largest division, Agribusiness, adjusted segment
EBIT for the quarter was $528 million, compared with $533
million in the year-ago quarter. Agribusiness volumes were
19.62 million tonnes compared with 19.53 million tonnes in
the third quarter of 2021. Sales were $11.74 billion, up 19%
from $9.87 billion in the third quarter a year ago.
Adjusted EBIT of the Refined and Specialty Oils division
was $195 million, up 37% from $142 million in the third quarter
of 2021. Sales in the quarter were $4.3 billion, up 18%
from $3.65 billion.
In the Milling division, adjusted EBIT was $17 million, a
26% drop from $23 million in the third quarter of 2021. Net
sales increased to $631 million from $530 million. Higher results
in North America were more than offset by lower results
in South America, Bunge said.
November 2022 / World Grain / www.World-Grain.com
this celebration with the many dedicated employees who have
been part of our business for many years and have helped make
this important milestone possible, " said Claudio Parrotta, senior
vice president and chief supply chain officer, North America
at Mondelez International. " I want to thank plant leader Dee
Lewis and our dedicated team of employees in Toledo for all
their hard work supporting our business and for putting together
such a fitting tribute on this important milestone. "
Marcy Kaptur, a US representative from Ohio, presented
the mill's leadership with a congressional recognition that she
submitted to the US House of Representatives. Frank LaRose,
Ohio's secretary of state, made a statewide proclamation recognizing
the 130th anniversary.
345.447 million bushels, according to Sosland Publishing's
2022 Grain & Milling Annual.
Viterra's intent to acquire Gavilon's assets was first announced
in January. Gavilon was established in 2008 with the
sale by Conagra Foods Inc. of its Trading and Merchandising
business to Ospraie Management LLC Special Opportunities
Fund in a $2.1 billion transaction. With the sale, the business
was renamed Gavilon LLC. The business was later acquired
by Marubeni for $2.7 billion in 2013. Viterra is the crop trading
business spun out of Glencore in November 2020. It has
more than 17,500 employees operating in 37 countries, and a
network of storage, processing and transport assets.
http://www.World-Grain.com
World Grain - November 2022

Table of Contents for the Digital Edition of World Grain - November 2022
