Cargill has agreed to sell its Venezuela unit to investors represented by Phoenix Global Investment and local firm Grupo Puig, according to a report by Reuters.
The US agribusiness giant says that the sale will encompass all of its operations in the country, including pasta, wheat flour, oil and animal feed plants.
“The sale seeks to ensure the continuity of operations in the country and the access to quality products and services that the company has provided for over 34 years in Venezuela,” Cargill said in a statement, cited by Reuters.
The financial terms of the transaction, which is expected to take several months to complete, have not been disclosed.
Earlier this year, Cargill announced a $15 million investment in a new plant in India to manufacture supplements for cattle that claim to improve milk productivity.
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