About Bunge Global
Bunge Global SA operates as a global agribusiness and food company with integrated operations that stretch from farmer to consumer. The company is a holding company and substantially all of its operations are conducted through its subsidiaries. The company is a leading global oilseed processor and producer of vegetable oils and protein meals, based on processing capacity; global grain processor, based on volume; seller of packaged plant-based oils worldwide, based on sales; and producer and seller of wheat flours, bakery mixes, and corn-based products in North and South America, based on volume. The company also produces sugar and ethanol in Brazil through the company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c (‘BP’). The company conducts its operations via four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The company’s remaining operations are not reportable segments and are classified as Corporate and Other. The company further organizes theses reportable segments into Core operations and Non-core operations. Core operations comprise the company’s Agribusiness, Refined and Specialty Oils, and Milling segments. The company’s Agribusiness segment is an integrated, global business principally involved in the purchase, storage, transportation, processing and sale of agricultural commodities and commodity products. The company’s Agribusiness operations and assets are located in North and South America, Europe, and the Asia-Pacific; and the company has merchandising and distribution offices throughout the world. The Refined and Specialty Oils segment includes businesses that sell vegetable oils and fats, including cooking oils, shortenings, specialty ingredients, and renewable diesel feedstocks. The operations and assets of the company’s Refined and Specialty Oils segment are primarily located in North and South America, Europe and the Asia-Pacific. The Milling segment includes businesses that sell wheat flours, bakery mixes, and corn-based products. The operations and assets of the company’s Milling segment are located in North and South America. During the third quarter of 2022, the company completed the sale of its wheat milling business in Mexico. Non-core operations comprise the company’s Sugar and Bioenergy segment, which primarily comprises the company’s 50% interest in the BP Bunge Bioenergia joint venture. Core Segments Agribusiness segment The company’s Agribusiness segment is an integrated, global business involved in purchasing, storing, transporting, processing, and selling agricultural commodities and commodity products while managing risk across various value chains. The principal agricultural commodities that the company handles in this segment are oilseeds, primarily soybeans, rapeseed, canola, and sunflower seed, and grains, primarily wheat and corn. The company processes oilseeds into vegetable oils and protein meals, principally for the food, animal feed and biofuel industries, through a global network of facilities. The company’s footprint is well balanced, with approximately 32% of the company’s processing capacity located in South America, 28% in North America, 24% in Europe and 16% in Asia-Pacific. Recent Acquisitions On October 10, 2023, the company entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, ‘CJ’). Operations of CJ primarily consist of an oilseed processing facility located in Brazil. The acquisition is expected to close in mid-2024, subject to customary closing conditions. Customers The company sells agricultural commodities and processed commodity products to customers throughout the world. The principal purchasers of the company’s oilseeds, grains, and oilseed meal are animal feed manufacturers, livestock producers, wheat and corn millers, and other oilseed processors. As a result, the company’s agribusiness operations generally benefit from global demand for protein, primarily poultry and pork products. The principal purchasers of the unrefined vegetable oils produced in this segment are the company’s own refined and specialty oils businesses, third-party edible oil processors, which use these oils as raw materials in the production of edible oil products for the food service, and the food processor and retail markets, as well as biofuel companies, which use the oil as feedstock for biofuel production. Distribution and Logistics The company has developed an extensive global logistics network to transport the company’s products, including trucks, railcars, river barges, and ocean freight vessels. Typically, the company either leases the transportation assets or contracts with third parties for these services. To better serve the company’s customer base and develop the company’s global distribution and logistics capabilities, the company owns or operates either directly or through joint venture arrangements, various port terminal facilities, including in Brazil, Argentina, the United States, Canada, Latvia, Ukraine, France, Poland, Vietnam, and Australia. Financial Services and Activities The company offers various financial services, principally trade structured finance and financial risk management services, to customers and other third parties. The company’s trade structured finance operations primarily leverage its international trade flows to generate trade finance derived liquidity in emerging markets for third parties. The company’s financial risk management services include structuring and marketing risk management products to enable agricultural producers and end users of commodities to manage commodity price risk exposures. The company also engages in foreign exchange and other financial instrument trading via the company’s financial services business. Additionally, the company provides financing services to farmers, primarily in Brazil, from whom the company purchases soybeans and other agricultural commodities. The company’s farmer financing activities are an integral part of the company’s grain and oilseed origination activities as they help assure the annual supply of raw materials for the company’s Brazilian agribusiness operations. Biodiesel The company owns and operates conventional biodiesel facilities in Europe and Brazil and have equity method investments in conventional biodiesel producers in Europe and Argentina. This business is complementary to the company’s core Agribusiness operations as in each case the company supplies some of the raw materials (refined or partially refined vegetable oil) used in their production processes. Competition Major competitors include but are not limited to: Archer Daniels Midland Co. (‘ADM’), Cargill Incorporated (‘Cargill’), Louis Dreyfus Group (‘Louis Dreyfus’), Glencore PLC, Wilmar International Limited (‘Wilmar’), and COFCO International (‘COFCO’). Refined and Specialty Oils segment The company primarily sells its refined and specialty oil products to food processors, food service companies, renewable diesel producers, and retail outlets. The principal raw materials used in the company’s Refined and Specialty Oils segment are various crude and further processed vegetable oils and fats. These raw materials are mostly agricultural commodities that the company either produces or purchases from third parties. The company’s global integrated business model enables the company to realize synergies among its Agribusiness, Refined and Specialty Oils, and Milling segments through raw material procurement, logistics, risk management and the co-location of industrial facilities, enabling the company to supply customers with reliable, high-quality products on a global basis. As many of the products the company sells in its Refined and Specialty Oils segment are staple foods or ingredients, these businesses generally benefit from global population and income growth rates. Additionally, the company’s businesses that sell vegetable oils as feedstock to the renewable diesel industry generally benefit from increased emphasis on environmental sustainability, including government incentives and mandates aimed at increasing the percentage of fuels stemming from renewable sources, and increased production from the renewable diesel industry. Recent Acquisitions In April 2023, the company, through the company’s 80% ownership of the Bunge Loders Croklaan (‘Loders’) joint venture with IOI Corporation Berhad, completed the company’s purchase of a port-based refinery located in Avondale, Louisiana in the United States. The facility has multi-oil refining capabilities and provides a scalable, complementary addition to the company’s North America footprint. Products The company’s refined and specialty oil products include packaged and bulk oils and fats, including cooking oils, shortenings, margarines, mayonnaise, renewable diesel feedstocks, and other products derived from the vegetable oil refining process. The company primarily uses soybean, sunflower, rapeseed, and canola oil that the company produces in its Agribusiness segment processing operations as raw materials in this business. The company also refines and fractionates palm oil, palm kernel oil, coconut oil, and shea butter, and blend and refine olive oil. Additionally, the company produces specialty ingredients derived from vegetable oils, such as lecithin, which is used as an emulsifier in a broad range of food products. The company is a leading seller of packaged vegetable oils worldwide, based on sales. The company has refined and specialty oils refining and packaging facilities in North America, South America, Europe, the Asia-Pacific, and Africa. The company’s refined and specialty oils business comprises its wholly-owned refined oils business in North America, other business to business (‘B2B’) and business to consumer (‘B2C’) refined and specialty oils offerings in South America, Europe and the Asia-Pacific; and the company’s 80% ownership interest in its Loders joint venture with IOI Corporation Berhad. In Brazil, the company’s retail edible oil brands include Soya, the leading consumer packaged vegetable oil brand, as well as Primor, Leve, and Salada. Further, the company is a leading supplier of shortenings to the food processor market. In the United States and Canada, the company primarily provides product offerings to food processors and food service companies, and the company sells refined vegetable oils as feedstock to the renewable diesel industry. Specifically, the company offers food manufacturers, bakeries, confectionaries, and food service operators high-quality solutions to fit their goals, such as delivering desired tastes and textures, or reducing saturated fats in their products. The company’s products include trans-fat free high-oleic canola oil, which is low in saturated fats, and high-oleic soybean oil, which is highly stable and trans-fat free. The company has also developed proprietary fiber addition processes that allow bakery and food processor customers to achieve significant saturated fat reductions in shortenings. The company also produces margarines and buttery spreads, including the company’s leading Country Premium brand, for food service, food processor and retail private label customers. In Europe, the company is a leader in consumer packaged vegetable oils, which are sold in various geographies under brand names, including Venusz, Floriol, Kujawski, Unisol, Kaliakra, Oleina, Oliwier, Komili and Kirlangic. The company is also a leader in margarines, under brand names including Smakowita, Slynne, Maslo Rosline, Masmix, Optima, Finuu, Deli Reform, Keiju, Alentaia, Venusz, Evesol, Carlshamn, Voimix, and Eleplant. Additionally, the company produces a variety of products for the confectionery and bakery industries. The company is also an oils supplier in the Western European food service channel. In Asia, the company offers a range of consumer products and offerings, including bakery, culinary, confectionary, and human nutrition products. In India, the company’s consumer brands include Dalda, Gagan, Fiona and Chambal edible oils; Dalda and Gagan vanaspatis; and Masterline professional bakery fats. In China, the company offers consumer edible oils products under the Dou Wei Jia, Jia Run, Bang Yan, and Jia Yan brands. Customers The company’s customers include baked goods companies, snack food producers, confectioners, restaurant chains, food service operators, human nutrition companies, other food manufacturers who use vegetable oils and shortenings as ingredients in their operations, and renewable diesel producers. Other customers include grocery chains, wholesalers, distributors, and other retailers who sell to consumers either under the company’s own brand names or private labels. These customers include global and national food processors and manufacturers, many of which are leading brand owners in their product categories. Competition The company’s principal competitors in the Refined and Specialty Oils segment include, but are not limited to: ADM, AAK AB, Cargill, Fuji Oil Co. Ltd., and Wilmar. Milling segment The company primarily sells its milling products to three customer types or market channels: food processors, food service companies, and retail outlets. The principal raw materials used in the company’s milling businesses are wheat, corn, and other agricultural commodities sourced from the company’s Agribusiness segment or directly from third parties. Similar to the company’s refined and specialty oils business, the company realizes synergies among its other segments in areas, such as raw material procurement, logistics, risk management, and the co-location of industrial facilities, enabling the company to supply customers with reliable, high quality products on a global basis. As many of the products the company sells in its Milling segment are staple foods or ingredients, these businesses generally benefit from macro population and income growth rates. Additionally, the company’s Milling segment is focused on capitalizing on growing global consumer food trends, including a desire for less processed, healthier foods, interest in new flavors, and increases in snacking and eating outside the home. Products The company’s Milling segment activities include the production and sale of a variety of wheat flours and bakery mixes in Brazil, as well as corn-based products derived from both the dry and wet corn milling processes in the United States and Mexico. During the third quarter of 2022, the company completed the sale of its wheat milling business in Mexico. The company’s brands in Brazil include Suprema, Soberana, Farina, and Predileta wheat flours, Pre-Mescla and BTX bakery premixes. The company’s corn milling products primarily consist of dry-milled corn meals and flours, flaking and brewers' grits, soy-fortified corn meal, corn-soy blends, snack grits and meals, and other similar products. As part of the company’s corn portfolio, the company also sells whole grain and fiber ingredients in addition to wet-milled masa flours, some sold under the El Maizal brand in the United States. Additionally, the company offers non-GMO products in the United States, including corn varieties. Customers The primary customers for the company’s wheat milling products are food processing, bakery, and food service companies. The primary customers for the company’s corn milling products are companies in the food-processing sector, such as cereal, snack, bakery, brewing, and food service companies, as well as the U.S. Government under its humanitarian assistance programs. Competition In Brazil, the company’s major competitors are M. Dias Branco, J. Macedo, Moinho Anaconda, and Grande Moinho Cearense. The company’s major competitors in North American corn milling include Cargill, Didion Inc., SEMO Milling, LLC, Life Line Foods, LLC, and Gruma S.A.B. de C.V. Corporate and Other Corporate and Other includes certain other activities, including Bunge Ventures, the company's captive insurance program, and accounts receivable securitization activities. Non-core Segment Sugar and Bioenergy segment The company’s Sugar and Bioenergy segment primarily comprises the company’s 50% interest in BP Bunge Bioenergia, the company’s joint venture with BP, as well as minor ethanol distribution sales activity. BP Bunge Bioenergia operates on a stand-alone basis with a total of 11 mills located across the Southeast, North, and the Midwest regions of Brazil. BP Bunge Bioenergia is the second largest operator by effective crushing capacity in the Brazilian sugarcane ethanol biofuel industry. The formation of BP Bunge Bioenergia combined the company’s eight mills, the plantations the company owned and managed, and related assets, together with BP’s sugar and bioenergy business in Brazil, which included three mills and related assets. BP Bunge Bioenergia's combined mills are supplied with sugarcane grown on approximately 460,000 hectares of land. In 2023, approximately 77% of the joint venture's total milled sugarcane came from plantations owned or managed by BP Bunge Bioenergia and 23% was purchased from third-party suppliers. These mills allow BP Bunge Bioenergia to produce sugar, ethanol and electricity, as further described below. Sugar-BP Bunge Bioenergia produces two types of sugar: very high polarity (‘VHP’) raw sugar and crystal sugar. VHP sugar is similar to the raw sugar traded on major commodities exchanges, including the standard NY11 contract, and is sold almost exclusively for export. Crystal sugar is a non-refined white sugar and is principally sold domestically in Brazil. Ethanol-BP Bunge Bioenergia produces and sells two types of ethanol: hydrous and anhydrous. Hydrous ethanol is consumed directly as a transport fuel, and as industrial grade for exports. Anhydrous ethanol is blended with gasoline in transport fuels. Electricity-BP Bunge Bioenergia generates electricity from burning sugarcane bagasse in its mills. The sugar produced at BP Bunge Bioenergia’s mills is sold in both the Brazilian domestic market, primarily in the confectionary and food processing industries, and export markets. The ethanol is sold primarily to customers for use in the Brazilian domestic market to meet demand for fuel, and also exported in the international market. BP Bunge Bioenergia competes with other sugar and ethanol producers both in Brazil and internationally, along with beet sugar processors and producers of other sweeteners and biofuels in the global market. Major competitors in Brazil include Cosan Limited/Raizen, São Martinho S.A., and Biosev (a subsidiary of Louis Dreyfus). Major international competitors include British Sugar PLC, Südzucker AG, Cargill, Tereos S.A., Sucden S.A., ED&F Man Limited, and COFCO. Seasonality The first quarter of the year (year ended December 2023) has generally been the company’s weakest in terms of financial results due to the timing of the North and South American oilseed harvests, as the North American harvest peaks in the third and fourth quarters, and the South American harvest peaks in the second quarter. The company’s North and South American grain merchandising and oilseed processing activities are, therefore, generally at lower levels during the first quarter. Research and Development The company’s research and development costs were $35 million for the year ended December 31, 2023. History Bunge Global SA was founded in 1818. The company was incorporated in 1995.
