Gavilon to Expand Grains Operations in Brazil
U.S.-based grain merchant Gavilon Group LLC said on Thursday it plans to invest $300 million in Brazil to nearly double the amount of grain it handles in the South American country.
Gavilon expects to import or export 6.3 million tonnes of grain in 2015, up from 3.3 million tonnes of grain this year, the company said in a statement.
A press representative said the short-term investments would be made mostly in acquisitions of other companies and logistics, especially ports, but declined to give details.
Omaha-based Gavilon, owned by Japanese trading house Marubeni Corp, exports and imports wheat, soybeans, and corn in Brazil.
Brazil is expected to produce a record soybean crop of more than 90 million tonnes from the 2014/15 crop that is nearly planted as well as some 75 million tonnes of corn.
Reporting by Caroline Stauffer and Roberto Samora