Cargill, Arasco finalise JV agreement

Source：Cargill Release Date：2013-09-10 218

Food & Beverage

The joint venture, Middle East for Food Solutions Co. (Mefsco), will manufacture starch-based products in the KSA

Cargill, an international producer and marketer of food, agricultural, financial and industrial products and services, and Saudi-based Arabian Agricultural Services Co (Arasco), announced in January that they would form a joint venture for starches and sweeteners. Now these companies, according to news in ameinfo.com, have established the JV, to be known as Middle East for Food Solutions Co (Mefsco), in the KSA.

As earlier agreed, Cargill will take 20% stake, whilst Arasco takes 80% and management control.

Under the terms, Mefsco acquires Arasco’s corn milling facility in Al Kharj and will produce starch based products for Saudi Arabia, UAE, Kuwait, Oman, Qatar, Bahrain, as well as Yemen, Iraq and Jordan.

With expertise from Cargill and Arasco, the JV has potential to expand along with local demand. It is the first venture for Cargill in the KSA, and is expected to open fresh opportunities for the company in the region.

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