The FINANCIAL — Agribusiness company Cargill Inc. plans to expand its business in Mexico in coming years, including $170 million in direct investment, supplying credit for local farmers and increasing its purchases of Mexican crops, a company official said on August 11, according to Nasdaq.
“We believe Mexico can play a bigger role in feeding the world,” Cargill Chief Executive David MacLennan said at an event in the western state of Jalisco, where Cargill reinaugurated an animal feed plant.
Mr. MacLennan said Cargill, which this year marks its 50th anniversary of operations in Mexico, wants to increase its presence in agriculture and supply chains in the country.
In addition to the $170 million in direct investment, the company’s 2015-2018 business plan includes providing $1.1 billion in financing to support local producers and the purchase of about $4.5 billion of Mexican crops, he said.
Cargill has nine business units in Mexico, employing 1,750 people at 30 facilities in 13 states. Its operations include marketing and trading, importing and exporting products such as edible oils, grains and sugar, and financing.