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Japan's Mitsui buys 50pc stake in non-GMO containerised grain, soybeans
JAPAN's Mitsui & Co (USA), the US arm of commodities trader Mitsui & Co Ltd, has bought a 50 per cent stake in Bluegrass Farms of Ohio, a grain handler and breeder of non-genetically modified soybeans, Reuters reports.
Bluegrass buys, cleans and bags the food-grade oilseeds and loads them in containers bound for markets in the US and Asia. Bluegrass also handles both GMO and non-GMO corn.
The deal, which closed, is valued at about US$15 million including debt, said Bluegrass owner and CEO David Martin.
The companies plan to capitalise on growing global demand for food made from non-GMO grains, including products like tofu and baby food. Mitsui currently handles about 40 per cent of products shipped from Bluegrass.
"We're going to grow this business. We've been in alignment for 10 years and now we're taking it to the next step. We're going to do additional Asian business and US domestic business," Mr Martin said.
Bluegrass buys, cleans and bags the food-grade oilseeds and loads them in containers bound for markets in the US and Asia. Bluegrass also handles both GMO and non-GMO corn.
The deal, which closed, is valued at about US$15 million including debt, said Bluegrass owner and CEO David Martin.
The companies plan to capitalise on growing global demand for food made from non-GMO grains, including products like tofu and baby food. Mitsui currently handles about 40 per cent of products shipped from Bluegrass.
"We're going to grow this business. We've been in alignment for 10 years and now we're taking it to the next step. We're going to do additional Asian business and US domestic business," Mr Martin said.
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