Milling & Baking News - May 22, 2018 - 43

International

regarding its decision to close the plant.
"In December of 2016, Kellogg deconsolidated its Venezuela business from the
company's results," Kellogg said. "The
current economic and social deterioration in the country has now prompted
the company to discontinue operations.
All assets, contractual obligations and
legal guarantees have been settled with
Kellogg's employees, suppliers and customers in Venezuela."
Kellogg has had a presence in Venezuela

since 1961, and the market is its second
largest in Latin America after Mexico.
According to a November 2017 report
from Euromonitor International, Alimentos Kellogg "dominated" breakfast cereals in Venezuela with a 50% retail value
share in 2017.
"The company manages a well-segmented product portfolio targeting different consumer groups," Euromonitor
said. "In children's breakfast cereals,
it ranked first with a 60% value share

Bunge files for potential i.p.o. of
Brazilian sugar business
WHITE PLAINS, N.Y. - Bunge Ltd. on
May 15 filed a registration request with
the Brazilian Securities Commission for a
potential initial public offering of Bunge
Açúcar & Bionergia, the company's sugar
milling business in Brazil.
Bunge Açúcar & Bionergia owns and operates eight mills located across the Southeast, North and Midwest regions of Brazil.
The company has 22 million tonnes of crushing capacity per year, as well as the flexibility
to produce a mix of ethanol and sugar. The

business also generates renewable electricity
through its cogeneration facilities to self-sufficiently power all of its mills
and sell surplus electricity to
the Brazilian power grid.
Commenting on the filing
in a May 16 presentation at the BMO Capital Markets Farm to Market Conference
in New York, Soren W. Schroder, chief executive officer of Bunge, called the filing
an important step for the division.
"It is a major milestone ... in a sense that

due to the well-established position of
its flagship Kellogg's Zucaritas (with
a 31% value share) plus a combined
30% share generated by its brands
Kellogg's Froot Loops and Kellogg's
Choco Krispies. In family breakfast cereals, Kellogg's Corn Flakes also held
the leading position in 2017 with a
46% value share. The company manages other brands specifically aimed at
adults such as Kellogg's Special K and
Kellogg's All Bran." MBN
we have a business that is now prepared
to stand on its own two feet, and it's really a matter of when we activate that,"
Mr. Schroder said. "The preparation and
the work to get to that point has been significant, starting with getting the business
to perform in a positive way
EBIT-wise and to more than
cover all that CapEx and
other requirements from the
business so it's cash positive."
The decision to potentially separate
the Brazilian sugar business builds on
the company's earlier stated intentions
to focus on its Agribusiness and Food &
Ingredients businesses. MBN

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Milling & Baking News - May 22, 2018

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