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On May 12, 2015 China National Cereals, Oils and Foodstuffs Corporation (COFCO) and Noble Group jointly announced the appointment of Matthew Jansen as the new CEO of their Joint Venture, named Noble Agri with its headquarters in Geneva, Switzerland.
COFCO is a state-owned company headquartered in Beijing, China and active in agribusiness and food production. Several of its subsidiaries are listed in Hong Kong and mainland China.
Noble Group is a Singapore listed and Hong Kong headquartered commodity trading company covering minerals, metals, energy and agricultural markets.
In 2014, COFCO acquired 51% of Noble Group’s agribusiness as well as 51% of Nidera, a prominent agricultural trading company based in Rotterdam, the Netherlands.
Mr Matthew Jansen joins Noble Agri from Archer Daniel Midland (ADM) headquartered in Chicago, U.S.A. and listed in New York. ADM is one of the biggest and most traditional companies in global agribusiness. Mr Jansen held various management positions with ADM and was amongst others responsible for the global oilseeds business and was heading their risk management. The choice of Mr Jansen underlines COFCO’s intentions to build a vertically integrated global agribusiness company. In particular, his experience in South and North America may prove to be instrumental in expanding Noble Agri’s business especially in the U.S. and in integrating its operations with Nidera.
It is expected that the integration of the two businesses will be completed by the end of 2016.
Sources:
Cofco Hires ADM Executive to Head Noble Agri, Bloomberg, 11 May 2015
Cofco to Form Trading Firm Integrating Nidera, Noble by End-2016, Swissinfo.ch, 22 April 2015
Noble Agri Appoints Matt Jansen as Chief Executive Officer, Noble Group News, 12 May 2015
Noble Agri appoints Matt Jansen as Chief Executive Officer, COFCO News, 12 May 2015
ADM: Matthew Jansen, ADM Leadership, corporate officers, 12 May 2015
Photo credit: tpsdave on Pixabay, CC0 Public Domain License.
China yet again showing its Financial strength in the marketplace. It will be interesting to see if further state-owned Chinese companies will advance into the agri business, like they have done in other commodity markets.
It does seem that perhaps the state-owned traders are starting to rival the core big trading firms that have dominated this landscape for so long, unchallenged.
James, Many thanks for your comment.
There are certainly more opportunities for Chinese companies to build a global agribusiness.
For companies that have a strong position in the Chinese import market it is almost natural to look for opportunities to get involved in countries where the supply comes from.
Integration between supply and demand strongly improves the overall negotiating power of a company and creates multiple arbitrage opportunities to further grow the business.
This indeed could challenge the so called ABCD (i.e. Archer Daniels Midland, Bunge, Cargill, Louis Dreyfus Commodities).
This being said, there are a lot of factors that will shape and determine the future landscape.
I think that besides geopolitical and macro economic factors, adaptability is the most critical factor for companies that want to be at the top of the game.