Golden Peanut expands South African operations with purchase of SA Groundnut Marketing
Posted: 11 August 2014 | Archer Daniels Midland Company | No comments yet
Golden Peanut Company LLC announced that it has acquired the assets of SA Groundnut Marketing (PTY) Ltd. (SAGM), which will become part of Golden Peanut and Tree Nut S.A…
Golden Peanut Company LLC, a wholly owned subsidiary of Archer Daniels Midland Company (NYSE: ADM), announced today that it has acquired the assets of SA Groundnut Marketing (PTY) Ltd. (SAGM), which will become part of Golden Peanut and Tree Nut S.A.
“This is an exciting expansion in Golden Peanut’s South African operations,” said Kris Lutt, president, Golden Peanut Company. “The facility in Hoopstad will help us serve our customers by adding to our global capacity while expanding our grower network in one of the best peanut growing regions in South Africa.”
Late last year, Golden Peanut entered into the South African peanut market with the purchase of an 80 percent ownership stake in a bulk warehouse and a shelling plant in Hartswater. The Hoopstad facility, which is located in one of South Africa’s prime peanut growing regions, builds on that investment. Golden Peanut, which has been managing operation of the plant under contract with SAGM since April 2014, intends to retain the vast majority of the company’s full-time employees, and will continue to employ many of the seasonal and part-time workers traditionally employed by SAGM.
“We look forward to welcoming the Hoopstad employees to the Golden Peanut and ADM team, and working with them to help align the facility with our certifications and standards,” Lutt added. “We also are excited to show our new suppliers how they will benefit by working with Golden Peanut and ADM.”
Since 1990, global production of peanuts, also known as groundnuts, has nearly doubled, from 22 million to 40 million metric tons, according to the U.S. Department of Agriculture.