The new entity will be called Bunge Prio Coöperatief U.A. and will include Bunge’s vegetable oil plant in Buzau together with its oil bottling facility, and Prio’s biodiesel plant and its vegetable oil unit in Lehliu Gara, Bunge said in a press release.
The company did not state the financial terms of the deal.
The partnership will avail local farmers and will contribute to developing Romania’s agriculture, easing access to international markets, said Tommy Jensen, Bunge EMEA executive manager.
Ziarul Financiar reported in March that U.S. food conglomerate Bunge was in advanced talks with food products maker Prio Foods to take over the latter’s vegetable oil plant located in Lehliu Gara (southern Romania).
Prio Foods is part of Portuguese group Martifer. Its plant in Lehliu Gara was opened in 2011 following an investment worth EUR93 million.
Bunge owns a vegetable oil plant in Buzau, which it bought in 2007 from Agricover.
The U.S. company operates in about 40 countries and employs over 35,000 people.