Bunge to buy Pacific International rice milling business
ST. LOUIS (AP) -- Bunge Ltd., which buys, sells and processes oilseeds and grains, said Monday its North American unit is buying the rice milling business of Pacific International Rice Mills LLC.
Terms were not disclosed.
Pacific International makes bulk and packaged milled rice for domestic and export markets. Pacific's customers are in the foodservice, food processing and export channels, which Bunge serves with its grain, milling and oils operations.
The company is part of Anheuser-Busch Inc., the U.S. arm of Anheuser-Busch Inbev SA.
Bunge is one of Anheuser-Busch's suppliers, providing corn products for brewing. The company said Monday that it plans to hire Pacific's 65 plant workers.
The acquisition is expected to close by year's end.
Shares of Bunge, based in White Plains, N.Y., shed 11 cents to $62.28 in afternoon trading Monday.
Copyright 2010 The AP.