Hamburg | Reuters –– Germany’s largest grain trading house Alfred C. Toepfer International has been renamed ADM Germany GmbH by its new parent Archer Daniels Midland (ADM), removing the Toepfer name from the global grains market after almost 100 years.
U.S. agribusiness giant ADM announced in April it was buying the remaining 20 per cent stake in Hamburg-based Toepfer it did not own from France’s InVivo for 83 million euros (US$113.6 million) as part of an ADM corporate shakeup. [Related story]
The name change from Toepfer to ADM Germany took effect immediately, an ADM spokesperson said Tuesday.
“We are still determining how to best combine ADM and Toepfer’s operations; however, we anticipate that the Hamburg office will play an important role in the future of ADM,” the spokesperson said.
ADM’s European headquarters is in Rolle in Switzerland, where the group has been building a major agricultural commodity trading centre.
Toepfer is a global trader of agricultural commodities and processed products with 37 offices worldwide. Toepfer also operates inland, river and export centres in Canada, Argentina, Bulgaria, Hungary, Romania, Ukraine and the U.S.
Toepfer has had a Canadian branch since 1974 including a grain trading office in Winnipeg. It entered the Prarie processing business in 2011 by buying Western Grain Trade Ltd. and Western Grain Cleaning and Processing Ltd.
The combined business processes and exports peas, lentils, mustards, flaxseed and other crops through two plants at North Battleford, Sask., with a sales and logistics office in Saskatoon.
— Reporting for Reuters by Michael Hogan. Includes files from AGCanada.com Network staff.