DuPont buys out Bunge’s share in Solae joint venture in $440m deal

30-Apr-2012 - Last updated on 01-May-2012 at 19:50 GMT

DuPont has taken full control of soy ingredients giant Solae after buying out Bunge’s stake in their joint venture.

Missouri-based Solae was formed in 2003 via a joint venture between DuPont, which took at 72% stake, and Bunge, which owned the remaining 28%.

DuPont Nutrition & Health President Craig F. Binetti said: "Our customers will benefit from the full ownership of Solae as we can further increase the speed of innovation, food formulation and nutrition science capabilities across a wide range of specialty food ingredients.”

Business as usual for staff at Solae

Asked what the change in ownership would mean for staff, Solae chief executive Torkel Rhenman told FoodNavigator-USA: "At this time, it's business as usual.

"Solae will continue to focus on delivering high quality, nutritious soy-based ingredients to food, meat and beverage manufacturers around the globe. We will be a critical part of DuPont Nutrition & Health, helping to build a strong food leadership position and bringing solutions to help feed the growing global population."

Bunge chief financial officer Drew Burke said the transaction would enable Bunge to “redeploy capital into our strategic, core businesses”, adding: "Solae has created great value during the past nine years, and is well-positioned for future success.”