US agricultural giant Cargill is buying out Hungarian Agrograin Zrt – reports daily Napi Gazdaság.
The Hungarian company trading oil seeds had Ft 9 billion ($50 million) own capital. Its turnover was approximately Ft 50 billion ($278 million) both in 2005 and 2006, making the company founded in 1994 the biggest in the industry. Agrograin Zrt is active at the commodity exchanges in Chicago and Budapest, imports protein fodder, trades crops nationwide and internationally, and produces wheat flour. Cargill, global leader in agricultural product trade and processing has been interested in Agrograin since 1995, and raising its stock in 1997, presently owns 35% of the company. The rest, 65% has been owned by company management. Agrograin has been employing a staff of 290, managing storage capacity of 450 000 tons in 23 sites, and owning several logistics units including river ports. In 2007, Agrograin expected a Ft 55-58 billion turnover. The price for the acquisition was not included in the press release. (Napi Gazdaság)