MULTINATIONAL grain heavyweight Glencore Agriculture will rebrand as Viterra in late 2020.
Viterra was founded in Canada in 2007 when the Sasketchewan Wheat Pool acquired major western Canadian bulk handler Agricore Ltd.
Following its purchase of ABB Grain in 2009, Viterra became the largest bulk handler by far in South Australia.
Glencore Agriculture has a longer history, and is a major global accumulator of grain for export.
It is a key Australian market participant on feed barley, including optional-origin cargoes to Saudi Arabia, malting barley, canola, pulses and wheat.
“For over 40 years, Glencore invested in the business to create one of the world’s leading agriculture networks,” Glencore Agriculture chief executive officer David Mattiske said.
“With the investment by CPP Investments and British Colombia Investment Management Corporation (BCI) in 2016, we now have three strong shareholders who share our vision for future growth and success.”
CPP Investments is the Canadian Pension Plan Investment Board, and is owned by the Canadian Government, while BCI is one of Canada’s largest asset managers.
Glencore PLC owns 50 per cent of Glencore Agriculture, with CPP Investments owning 40pc, and BCI the balance.
“Viterra is a globally recognised brand within the business.
“This is an opportunity to unite our business under one brand with a shared purpose and identity.
“We are planning for a smooth transition to the new brand over the coming months, while for employees and customers it’s business as usual.”
Market speculation said the rebranding may be a precursor to Viterra being divested from Glencore PLC, which is one of the world’s biggest mining and energy companies.
Source: Glencore Agriculture