Bunge Acquires Fuji Oil's Louisiana Refinery For Undisclosed Sum

Bunge Ltd BG, through its Bunge Loders Croklaan JV with IOI Corporation Berhad, entered into a definitive asset purchase agreement with Fuji Oil New Orleans LLC to acquire its port-based refinery in Louisiana. The financial details were not disclosed.
The newly constructed refinery is located in IMTT's (International-Matex Tank Terminals) Avondale Terminal, Louisiana.
The facility has multi-oil refining capabilities, enabling Bunge to expand its existing customer base.
The acquisition will provide Bunge with a scalable, complementary port-based footprint that connects North American food, feed, and fuel customers to global markets.
Bunge will serve customers with the newly acquired capacity starting in the second quarter 2023.
"This acquisition delivers on our long-term strategy to expand our value-added oils business by accelerating reach across North America," said Aaron Buettner, Bunge's President, Food Solutions.
The company held $1.1 billion in cash and equivalents as of Dec. 31, 2022.
Price Action: BG shares closed higher by 0.24% at $92.46 on Thursday.