Bunge Forms JV With Olleco For Full Life-Cycle Oil Collection In Europe

Bunge Ltd BG and Olleco, the renewables division for ABP Food Group, agree to form a 50/50 joint venture to create a business that encompasses the full life-cycle of edible oils.
The joint venture is expected to work with foodservice and food manufacturing customers in Europe, excluding U.K. and Ireland.
The JV will supply oils and ensure the used cooking oil (UCO) is efficiently collected and used as a feedstock in producing renewable fuels.
The partnership, headquartered in Amsterdam, is expected to leverage Bunge's customer relationships, footprint and expertise in vegetable oil production and Olleco's model in the supply, collection and conversion of cooking oils.
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The business is expected to help address environmental and energy security challenges from key markets in Europe.
"Together, we share a commitment to sustainability and to finding innovative solutions to reduce carbon in our value chains," said CEO Greg Heckman.
Also See: Bunge Inks Distribution Deal With Blendtek Ingredients
Price Action: BG shares closed higher by 1.62% at $87.60 on Wednesday.