MERRIAM, Kan., Sept. 18, 2017 /PRNewswire/ -- Seaboard
Corporation (NYSE AMERICAN: SEB) ("Seaboard") and Groupe Mimran
(the "Mimran Group") announce that they have entered into a
Memorandum of Understanding ("MOU") whereby Seaboard intends to
acquire the flour milling and associated businesses located in
Senegal, Ivory Coast and Monaco (the "Business") of the Mimran
Group. The proposed acquisition is subject to negotiation and
execution of a definitive purchase agreement and finalization of
Seaboard's due diligence.
Seaboard would operate the Business in its Commodity Trading and
Milling Segment. The acquisition of the Business would
increase the flour and feed milling capacity of its consolidated
and non-consolidated businesses by approximately 15 percent to over
24,000 metric tons per day and its grain trading volume by
approximately 9 percent to approximately 10.5 million metric tons
per year.
Groupe Mimran is one of the leading agri-food groups in
West-Africa, operating sugar
refining, flour milling, and animal feed businesses. The
Mimran Group was established over 60 years ago by the Mimran
family, and its main companies in flour milling and sugar refining
include Grands Moulins de Dakar
("GMD"), Grands Moulins d'Abidjan
("GMA"), and Compagnie Sucrière Sénégalaise ("CSS"),
respectively.
Seaboard is a publicly traded United States Fortune 500 Company,
operating globally through a network of integrated industrial
service oriented companies, with net sales of over $5 billion annually. Its main activities
include processing and production of premium pork and turkey
products, containerized shipping, and international grain
processing and trading. Seaboard, founded nearly 100 years
ago, is majority owned by the Bresky family.
Mr. David Mimran, President
Directeur General of GMA and GMD commented:
"We are delighted to enter into this Memorandum of Understanding
with Seaboard. An important consideration for us was that any
new owner shares the same values and culture which we have
instilled within our businesses over the years. Just like
ourselves, Steven Bresky is the
third generation of his family running a substantial business, and
I very much look forward to assisting Mr. Bresky and his team in
any way we can with respect to this new chapter in the development
of the Business."
Mr. Steven Bresky, President and
Chief Executive Officer of Seaboard, and Chairman of the Board
commented:
"We are excited to further our investment in sub-Saharan Africa
with this acquisition and believe the culture and operations will
be a great fit with our existing structure. Seaboard has had
commercial ties with the Mimran Group for almost 40 years and we
look forward to integrating the Business into our existing trade
strategy and expand our cargo and trade opportunities as a result
of this transaction. We expect to continue to work
closely together with the Mimran Group by leveraging our existing
strengths into a better industrial and trade based business."
Cautionary Information Regarding Forward-Looking
Statements
Included in this press release and other information that we
make publicly available from time to time are forward-looking
management comments and other statements that reflect Seaboard's
current outlook for its performance in future periods and its
expectations for the possible consummation of the proposed
acquisition. These statements include, among others, our plans for
the integration of the Business into Seaboard's Commodity Trading
and Milling Segment and the resulting impact on Seaboard's flour
and feed milling capacity and its grain trading volume.
These statements and expectations are based on currently
available competitive, financial and economic data, the information
obtained from Seaboard's due diligence investigations to date and
Seaboard's operating plans, and are subject to future events and
uncertainties that could cause anticipated events not to occur or
actual results to differ materially from historical or anticipated
results. The forward-looking statements in this press release
should be read in conjunction with the more detailed descriptions
of risk factors located in Seaboard's filings with the Securities
and Exchange Commission. Except as required by law, Seaboard
undertakes no obligation to update or revise any forward-looking
statements contained in this press release as a result of new
information or future events or developments.
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SOURCE Seaboard Corporation