Bunge Ltd., St. Louis, reports that its unit Bunge Loders Croklaan JV has agreed to sell its refinery located in Rotterdam, The Netherlands, to Neste Corp. for €258 million in cash, excluding working capital. Bunge will lease back the facility from Neste in a phased transition through 2024. Bunge, which had promised to shed more assets by the end of 2020 (GM Oct. 30, p. 29), plans to use part of proceeds to reinvest in its asset footprint
Neste plans to increase raw material pre-treatment capacity for the production of renewable products, the company told Bloomberg.
The deal is expected to close in first-quarter 2021.