It is reported by bakingbusiness.

«We are pleased with the way the business is operating and the great work the team has done to become a leader in sugar and bioenergy since we created this joint venture with BP, — said Greg Heckman, chief executive officer of St. Louis-based Bunge. — However, this business is not core to Bunge’s long-term strategy, and this transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet. bp has been a valued partner to Bunge, and we wish them and the team continued success».

When the joint venture was formed, combined both companies’ Brazilian bioenergy and sugar cane ethanol business had a total of 11 mills in Brazil and 32 million tonnes of combined crushing capacity per year.