Cargill and Copersucar have successfully completed all required regulatory clearances to form Alvean, their new 50/50 sugar trading joint venture. Operating as an independent entity, Alvean will begin integrating global activities to originate, commercialize and trade raw and white sugar.
As announced in March 2014, Alvean will bring together two of the world's leading and most respected sugar trading operations. "Our customers will benefit from the complementary strengths of Copersucar and Cargill," said Ivo Sarjanovic, new Chief Executive Officer of Alvean. "We will have a strong combined global supply chain, a worldwide presence and excellent logistics management."
Sarjanovic, who previously headed up Cargill's global sugar business, continued: "I am very confident that we are embarking on an exciting journey which will reshape the sugar industry. We are bringing together the best of both Cargill's and Copersucar's sugar expertise, talents and capabilities, the base on which we build our new and unparalleled company, Alvean."
Soren Hoed Jensen, Alvean's Chief Operating Officer, explained the origin of the new company's name: "Alvi, derived from the Latin word albus signifies white / crystal clear and symbolizes our engagement to be ethical and inclusive towards our partners. The suffix 'an' brings the notion of movement, expressing the dynamism of the sugar market and our commitment to be the unique link between supply and demand around the world. Alvean will seek new ways to be innovative and agile for the benefit of our customers and suppliers by bringing comprehensive global market knowledge and trading expertise."
Alvean's trading activities will be based in Geneva, Switzerland. The joint venture will also have offices in Bangkok, Bilbao, Delhi, Dubai, Hong Kong, Jakarta, Miami, Moscow, Sao Paulo, and Shanghai.
