Cargill Completes Acquisition of Majority Stake in Sorini
JAKARTA, Indonesia, Jan. 28, 2011 /PRNewswire/ — Cargill today completed its acquisition of a majority stake in PT Sorini Agro Asia Corporindo Tbk (“Sorini”), first announced on 15 December 2010. Cargill now owns 85.01% of Sorini’s ordinary shares. With the completion of this transaction, Sorini becomes a subsidiary of Cargill. K L Chopra, president director of Sorini, will continue to lead the business.
“We are excited to be a part of Cargill and by the opportunities accorded to our customers and employees by this transaction,” said Chopra. “The combined capabilities and talents of Cargill and Sorini will enable us to better serve customers in Indonesia, Southeast Asia and other markets.”
“The rise of major new consumer groups in emerging markets constitutes one of the largest opportunities for Cargill’s food ingredients business,” said Bram Klaeijsen, president and regional director, Cargill Asia Pacific. “Core ingredients like starches and sweeteners as well as fats and oils play an important role in this regard, and are a focus of our customers who are expanding their presence in emerging markets. The acquisition of Sorini allows us to tap into these opportunities.”
Based in Indonesia, Sorini is one of the world’s leading producers and suppliers of sorbitol. The company operates seven manufacturing facilities located in Indonesia’s East Java and Lampung provinces. Sorini’s product range comprises starch and starch derivative products including liquid and powder sorbitol, maltitol, dextrose monohydrate, maltose, and maltodextrine, all used in the production of consumer goods such as food and beverages, cosmetics and personal care, and pharmaceuticals.
As required by Indonesian law, Cargill will make a mandatory tender offer for the remaining shares at IDR 3,500 per share.
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 131,000 people in 66 countries. Cargill helps customers succeed through collaboration and innovation, and is committed to sharing its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. For more information, visit http://www.cargill.com.
About Cargill in Indonesia
Cargill began doing business in Indonesia in 1974 by establishing a feed mill in Bogor, West Java. Today, Cargill – which is headquartered in Jakarta – has over 9,000 employees and offices, manufacturing plants and facilities throughout the country. Business activities comprise animal nutrition, cocoa, grain and oilseeds, palm oil, sugar, as well as starches and sweeteners through the company’s subsidiary PT Sorini Agro Asia Corporindo Tbk. Cargill is a responsible corporate citizen of Indonesia, and its local programs foster responsible and sustainable development, help protect the environment and nourish the people and possibilities that reside in local communities. For more information visit www.cargill.co.id.
About PT Sorini Agro Asia Corporindo Tbk
PT Sorini Agro Asia Corporindo Tbk (Sorini) was founded in 1983, and in 1992 became a publicly listed company on the Indonesian Stock Exchange (formerly the Jakarta and Surabaya Stock Exchanges). Today, Sorini is one of the leading producers of Sorbitol worldwide. Sorini is engaged in the production of Starch and Starch Sweetener products including Sorbitol Syrup and Powder, Maltitol, Dextrose Monohydrate, Maltose syrup, and Maltodextrine. These products form the raw material in the production of consumer goods industries ranging from food and beverage to cosmetics and pharmaceuticals. Sorini supplies its products to multinational customers in over 70 countries and is currently increasing its sales into the fast growing Indonesian market. Currently, Sorini and its subsidiaries operate two Starch Sweetener factories and five Starch plants across the East Java and Lampung provinces in Indonesia. For more information, visit www.sorini.co.id