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ADM Brazil unit completes $85 mln Santos port investment
SANTOS, Brazil, May 19 (Reuters) - The Brazilian unit of
Archer Daniels Midland Co on Friday said it had
completed a 33 percent expansion in its Santos port terminal's
export capacity to 8 million tonnes of grains per year.
The company invested 280 million reais ($85.19 million) in
the project, which comes two years after Brazil extended ADM's
license to move grains including soybeans and corns at the
terminal for 20 years through 2037.
The investment underscores the company’s commitment to
retaining a leading position in Brazil, whose agricultural
heartland is seen as critical to supplying expanding world food
ADM kicked off activity at Santos in 1997, coinciding with
its arrival in Brazil, which the company says is key for its
global strategy. It began the Santos port operations after
purchasing several crushing plants, grain elevators and silos.
($1 = 3.2868 reais)
(Reporting by Ana Mano; Editing by Christian Plumb and Cynthia
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