Peanut company expands
Golden Peanut Company, a wholly owned subsidiary of Archer Daniels Midland Company, has acquired an 80% stake in the assets of P-Farm Agentre, on of the largest peanut processors in South Africa. The company will operate under the name Golden Peanut and Tree Nut S.A.
Alfonso Visser has privately owned the firm since 1997, and will retain control of 20% of the company.
P-Farm Agente’s assets include a bulk warehouse and a shelling plant. The firm has around 85 permanent employees, and the vast majority of fulltime employees are expected to be kept on.
In addition, Golden Peanut has signed an agreement to acquire a 50% stake in South African Pecans, a pecan processor and marketer. The company will operate under the name GPC Pecan S.A. and Visser will control the remaining 50%.
“Our entry into the South African peanut market augments Golden Peanut’s presence in the United States and Argentina, enabling us to serve more customers from more points of origin,” says Kris Lutt, president, Golden Peanut Company. “The regional origination and export capacity provided by P-Farms’ operations will help Golden Peanut advance toward our goal of becoming a global groundnut sheller and handler.”