Food processing company Archer Daniels Midland (ADM) has agreed to sell 50% stake in its export terminal in Brazil to Glencore.
ADM has entered into an agreement to this effect.
Located in Barcarena, in the northern Brazilian state of Pará, the facility will be owned and operated by ADM-Glencore joint venture, upon completion of the transaction.
The capacity of the terminal is anticipated to be increased from 1.5 million metric tons to 6 million metric tons over the future.
In addition to its increased capacity, the upgraded terminal will be able to handle larger Panamax vessels which will allow the joint venture partners to connect global markets more efficiently.
ADM South America president Valmor Schaffer said: "The Barcarena terminal will continue to be a vital component of our Brazilian logistics network.
"Agricultural production is expanding rapidly in northern and western Brazil, and the Barcarena terminal is very well positioned to capitalize on that growth. By quadrupling that terminal's capacity, we are also expanding our ability to serve growers here in Brazil, and meet customer needs here as well as in Europe, Asia and other key global markets."
