Sofiproteol 'adjusts scope' of biodiesel joint venture with Bunge
Sofiprotéol is adjusting the scope of its European activities in biodiesel, handled by Diester Industrie International, the subsidiary held 60 percent by Diester Industrie, a Sofiprotéol subsidiary, and 40 percent by KBBV, a subsidiary of the Bunge Group. The Belgian company Oleon Biodiesel, which was a 100 percent held subsidiary of DII, will now be owned directly by Diester Industrie. This will enable optimization of the operation of this unit, which is based on the Ertvelde industrial site in Belgium that belongs to Sofiprotéol.
DII is also selling to the Bunge Group its two units based at Bunge's seed crushing sites: one in Austria, in Bruck an der Leitha (Novaol Austria), which serves a market that has few links with other Sofiprotéol activities, and the other in Mannheim, Germany (MBF). The DII joint venture will continue to own 100 percent of its Italian subsidiary Novaol Srl, and 50 percent of the German company NEW. DII's biodiesel production capacity will therefore be reduced from 1 million tons (approximately 300 million gallons) to 700,000 tons (approximately 210 million gallons) after these adjustments have been made.
These changes are designed to improve coherence between the seed crushing, refining and esterification plants of the Plant Products Division and are in line with Sofiprotéol's sectoral strategy and the goals of the CAP 2018 strategic plan.