Reuters — U.S. agribusiness company Archer Daniels Midland said Tuesday it has acquired a stake in Portland, Oregon export terminal Columbia Grain by expanding its Kalama Export Co. joint venture with Japanese grain trader Marubeni.
The stake in Columbia Grain, previously a wholly owned subsidiary of Marubeni, broadens ADM’s export capacity in the U.S. Pacific Northwest, a key export gateway for U.S. agricultural goods to Asia.
“This action represents another important step in our ongoing efforts to build ADM’s Agricultural Services value chain from origination to destination,” said Joe Taets, ADM president for agricultural services.
Marubeni acquired a 45 per cent stake in Kalama, which operates a bulk grain export terminal in Kalama, Washington, with its purchase of U.S. grain trader Gavilon in 2013. ADM has a 45 per cent stake in the Kalama terminal and Mitsubishi controls 10 per cent.
ADM and Marubeni also announced plans to rename the joint venture Pacificor LLC.
— Reporting for Reuters by Karl Plume in Chicago.