Bunge Limited

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Bunge Limited
Type Public
Traded as NYSEBG
Industry Food processing
Founded 1818
Founder(s) Johann P. G. Bunge
Headquarters White Plains, NY, USA
Area served Worldwide
Key people Soren Schroder
(CEO)
Products List of products
Employees 35,000 (2013) [1]
Website Bunge.com

Bunge Limited (formerly Bunge International, and prior to that Bunge y Born) is a global agribusiness and food company headquartered in White Plains, NY. As well as being an international soybean exporter, it is also involved in food processing, grain trading, and fertilizer. It competes with Cargill and Archer Daniels Midland. The company has over 35,000 employees at 400 facilities in 40 countries.[2]

History[edit]

The New York Stock Exchange on August 4, 2011, when Bunge celebrated the 10th anniversary of its listing on the exchange.

Bunge y Born was founded in 1818 by Johann Peter Gotlieb Bunge in Amsterdam, it was relocated to Antwerp by Edouard Bounge in 1859. Edouard's brother; Ernest Bunge, took the Bunge name to Argentina in 1884, and in 1905 the business extended to Brazil and later on to the USA. The company was converted into the Bermuda-registered Bunge International in 1994, retaining the Bunge y Born name only in Argentina. Bunge remained a privately held company of 180 shareholders (including the longtime controlling family interests) and divested itself in 1998 of almost all its retail foods interests in favor of a greater role in international agribusiness and commodity markets; by then the company's gross annual turnover had reached US$13 billion.[3] Bunge ultimately went public on the NYSE in 2001, becoming Bunge Limited.[4]

In 1994, the Bermuda-registered Bunge International was created as the main company in which the families had shares. There were around 180 shareholders—the main families were Hirsch, Bunge, Born, Engels, and De La Tour. This replaced the older structure in which individual shareholders had stakes in all the different Bunge companies. Now only in Argentina does the Bunge y Born name still exist.

In 2001, Bunge went public. Through their three businesses—agribusiness, fertilizer, and food products—they have established a leading global presence in the farm-to-consumer food chain. Bunge is the world's largest oilseed processor, the world's number one seller of bottled vegetable oil to consumers and the largest producer and supplier of fertilizers to farmers in South America.

In 2004, Bunge acquired Cereol, parent of oilseed companies Central Soya and CanAmera Foods.[5]

In 2008, Bunge acquired Walter Rau margarine company from Germany.

In 2009, Bunge acquired the margarine business from Raisio Group, maker of functional food ingredients.[6]

Controversies[edit]

In 2012, Bunge came under criticism from NGO Survival International[7] for sourcing its sugarcane from the ancestral land of the Guaraní people in Brazil. It has been reported by the tribe that crop production has brought pesticides and machinery that has damaged their health, as well as restricting them to a small area that has prevented them from hunting and practicing their traditions. Opposition from the tribe led to the killing of their chief Marcus Vernon by ranchers in January 2003.[8] Survival are requesting Bunge follows the example of the company Raízen, which agreed to stop the sourcing of sugarcane from the area in 2012.[9]

Products[edit]

The company's operations include:[10]

  • originating oilseeds and grains from the world's primary growing regions and transporting them to customers worldwide;
  • crushing oilseeds to make meal for the livestock industry and oil for the food processing, food service and biofuel industries;
  • producing bottled oils, mayonnaise, margarines and other food products for consumers;
  • crushing sugarcane to make sugar, ethanol and electricity;
  • milling wheat and corn for food processors, bakeries, brewers and other commercial customers; and
  • selling fertilizer to farmers.

Environmental record[edit]

In 2006, the United States Environmental Protection Agency filed charges against Bunge company regarding pollution emissions.[11] This involved twelve soybean processing plants and corn mills in eight states throughout the US. The lawsuit claimed Bunge violated the Clean Air Act by constructing major modifications that increased emissions. Bunge was required to implement engineering changes and pollution control projects, estimated to cost $12 million, to reduce emissions at the facilities by 2,200 tons a year. The settlement also called for Bunge to pay a cash penalty of $625,000 and to spend $1.25 million to fund community-based environmental projects selected by and to be supervised by the impacted states.[12] The state of Kansas will receive $22,000 of the $625,000 civil penalty, this being issued by the Kansas Department of Health and Environment.[13]

Corporate governance[edit]

[14]

  • Soren Schroder, CEO, Bunge Limited
  • Todd Bastean, CEO, Bunge North America
  • Drew Burke, Chief Financial Officer, Bunge Limited
  • Michael Goettl, CEO, Bunge Asia
  • Gordon Hardie, Managing Director, Food & Ingredients, Bunge Limited
  • Enrique Humanes, CEO, Bunge Southern Cone
  • Tommy Jensen, CEO, Bunge Europe, Middle East & Africa
  • Frank Jimenez, General Counsel, Secretary and Managing Director, Government Affairs, Bunge Limited
  • Pierre Mauger, Chief Development and Performance Management Officer, Bunge Limited
  • Raul Padilla, CEO, Bunge Brazil
  • Ben Pearcy, Managing Director, Sugar & Bioenergy, Bunge Limited
  • Vicente Teixeira, Chief Personnel Officer, Bunge Limited
  • Brian Thomsen, Managing Director, Bunge Global Agribusiness and CEO, Bunge Product Lines
  • Christopher White, Senior Advisor, Bunge Limited

References[edit]

External links[edit]