Major Japanese trading house Marubeni said on Friday Brazilian grain export terminal operator Terlogs Terminal Maritimo is now a wholly owned subsidiary.
“Grain demand from China and Southeast Asia has been significantly increasing recently,” Marubeni said.
Marubeni, which had already owned a 25.5 percent stake in Terlogs Terminal Maritimo, at Port of Sao Francisco do Sul in the southern Brazilian state of Santa Catarina, acquired the remaining 74.5 percent stake from Brazilian port operator SOGO.
The Tokyo-based company did not disclose the value of the transaction. The Nikkei business daily reported the deal is believed to be worth more than $60 million.
“It is the first time in the grain history for a Japanese firm to gain 100 percent ownership of a grain export elevator in Brazil,” Marubeni said in a statement.
Brazil is an important grain supplying country. “To keep up supplying grains to those countries, it was urgently needed for Marubeni to strengthen the grain supplying ability from Brazil, which has the best potential for increasing grain production and exports,” Marubeni said.