Tuesday, August 22, 2017

Nidera UK changes name to Cofco International UK

May 31, 2017 by  
Filed under News & Business

CofcoOfficeUK

Ipswich-based grain, seed and fertiliser supply company Nidera UK is now known as Cofco International UK following the completion of its takeover by Chinese trading house Cofco Group.

Although Cofco is probably a new name for most UK farmers, the change will result in minimal impact to its customers, says managing director Mark Dordery.

“Cofco International is the result of the former Nidera and Noble Agri names being united under a single entity worldwide. On a day-to-day basis little has changed and we continue to deliver the same high levels of quality and service our customers have come to expect of us.”

Cofco International’s majority shareholder is the trading company and agri-food business Cofco Corporation – a Fortune Global 500 company with assets in excess of $70 billion. Other shareholders include the Singapore sovereign wealth fund Temasek, the International Finance Corporation – a branch of the World Bank – and the UK’s Standard Chartered Bank.

Cofco International employs more than 13,000 people in 35 countries and last year delivered more than 100 million tonnes of products globally. It is more important than ever for farmers to be confident in the financial standing of the businesses with which they trade, Mark Dordery believes.

Challenging times

“These are challenging times for the agricultural industry. For example, the Brexit decision has resulted in a devaluation of Sterling which has contributed to a sharp rise in grain prices since the referendum.

“While the jump in grain prices has helped to improve incomes for arable farmers, which is good news for everyone associated with the sector, it may have caused problems for any trading companies that were caught unawares.

“In fact, the last year has seen a number of high profile bankruptcies in UK agriculture, including turkey producer Bernard Matthews and Cambridgeshire-based merchant Wellgrain.”

Cofco has strength in depth from both financial and infrastructure perspectives, an unrivalled understanding of the world’s agricultural marketplace and a clear strategic vision for the future, explains Mr Dordery.

Specialist knowledge

“Our aim is to create a vertically-integrated global agricultural supply chain, supported by Cofco’s unique position in China, and strengthen worldwide origination, logistics and trading capabilities. We will be continuing to combine our own specialised knowledge of UK markets and practices with the international insight and resources of a major global player.”

Over the coming weeks, the Cofco name will be seen more and more, Mr Dordery points out. In the UK, for example, Nidera’s fleet of 35 HGVs will retain their distinctive blue colours but will carry the Cofco name and logo.

“Although the name has changed, our commitment to our customers and UK agriculture remains the same. Producers can be assured we are now better placed than ever to provide competitive products and services to help them grow their businesses successfully in the years ahead.”

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