Seaboard intends to acquire Mimran Group’s flour milling assets in West Africa
Global food and transportation company Seaboard has entered a memorandum of understanding (MoU) to acquire Mimran Group’s flour milling assets located in Senegal, Ivory Coast and Monaco, West Africa.
As part of the MoU, Seaboard intends to include the acquired assets in its commodity trading and milling segment.
The transaction is expected to enhance Seaboard’s flour and feed milling capacity by 15% to over 24,000t per day.
In addition, the company's grain trading volume would increase by approximately 9% to nearly 10.5 million metric tonnes per year.
Commenting on the deal, Seaboard president and chief executive officer Steven Bresky said: "We are excited to further our investment in sub-Saharan Africa with this acquisition and believe the culture and operations will be a great fit with our existing structure.
“Seaboard has had commercial ties with the Mimran Group for almost 40 years and we look forward to integrating the business into our existing trade strategy and expand our cargo and trade opportunities as a result of this transaction.”
Financial details of the deal have not been divulged by either company.
The completion of the transaction is subject to negotiation and execution of a definitive purchase agreement, as well as finalisation of Seaboard's due diligence.
For more than six decades, Groupe Mimran has been in the agri-food sector in West-Africa.
The group operates sugar refining and flour milling businesses, including Grands Moulins de Dakar (GMD), Grands Moulins d'Abidjan (GMA) and Compagnie Sucrière Sénégalaise (CSS).