ADM expects to idle Brazil sugar ethanol plant this year
Source: By Karl Plume), Reuters • Posted: Monday, February 22, 2016
Feb 19 U.S. agribusiness company Archer Daniels Midland Co does not expect to restart its sugarcane ethanol plant in Brazil after a seasonal shutdown this year, the company said in a U.S. regulatory filing on Friday, as a broad review of its operations continues.
Chicago-based ADM has been trying to sell the Brazilian plant in Limeira do Oeste since 2012 and on Friday said it was still looking at all options.
ADM said last month it was evaluating options for its three U.S. corn ethanol dry mills, including a possible sale.
ADM reported a 44 percent profit drop in 2015 for its corn processing segment, which also includes results from the Brazilian ethanol plant. Loss provisions related to that business took $45 million off the segment’s operating profit, which came in at $648 million.