Bunge Limited

Bunge Limited
Public
Traded as NYSE: BG
Industry Food processing
Founded 1818
Founder Johann P. G. Bunge
Headquarters White Plains, New York, United States (operations); Bermuda (legal domicile)
Area served
 Worldwide
Key people
 Soren Schroder
(CEO)
Products List of products
Revenue US$ 57.828 billion (2014)
Number of 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, incorporated in Bermuda,[2] and headquartered in White Plains, United States. 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.[1]

History

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 New York Stock Exchange 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 was listed on the New York Stock Exchange. 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, a margarine company, from Germany.

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

Controversies

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.

In January 2003, opposition from the tribe led to the killing of their chief Marcus Vernon by ranchers.[8]

In 2012, survivors are requesting Bunge follows the example of the company Raízen, which agreed to stop the sourcing of sugarcane from the area.[9]

Products

The company's operations include:[1]

Environmental record

In 2006, the United States Environmental Protection Agency filed charges against Bunge company regarding pollution emissions.[10] 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.[11] 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.[12]

Corporate governance

Current team a/o November 2015:[13]

Former team members:

References

  1. 1 2 3 "Agribusiness - Food Production Company - Bunge". bunge.com.
  2. ↑ "Bunge Limited, a company incorporated under the laws of Bermuda ( for Bunge (BG)". wikinvest.com.
  3. ↑ Clarín: La retirada final del grupo Bunge & Born (Spanish)
  4. ↑ "Agricultural History - History of Bunge Limited". bunge.com.
  5. ↑ "Bunge Limited to Acquire Ft. Wayne's Central Soya". insideindianabusiness.com.
  6. ↑ http://www.raisiogroup.com/www/page/Responsibility
  7. ↑ Survival International. "US food giant accused over biofuel 'tainted with Indian blood'". survivalinternational.org.
  8. ↑ Ryan Villarreal (8 December 2012). "Deadly Ethanol: Brazil’s Sugarcane Farms Take Toll On Indigenous People". International Business Times.
  9. ↑ Survival International. "Shell scraps controversial biofuels plan after Brazilian Indian protest". survivalinternational.org.
  10. ↑ "Bunge North America Inc.". lawyersandsettlements.com.
  11. ↑ "10/26/2006: $13.9 Million Clean Air Act Settlement with Multinational Soybean and Corn Processor Secures Major Pollution Reductions in Eight States - Settlement Expected to Eliminate More than 2,200 Tons of Harmful Emissions Annually". epa.gov.
  12. ↑ "FindArticles.com - CBSi".
  13. ↑ "Bunge Management Team". bunge.com. Retrieved 2015-11-05.

External links

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