Cargill to sell rubber units

Cargill to sell rubber units

SINGAPORE (Reuters): Cargill International Trading Pte Ltd, a unit of U.S. commodities giant Cargill Inc, said on Monday it would divest most of its rubber operations via a joint venture to focus on its agri- and food business.

Spokesman John Crawshaw told Reuters the group and three partners, including Malaysia's government-owned Mardec International Sdn Bhd, were discussing details of the rubber venture, to be set up in Singapore.

He gave no details of the size of Cargill's stake, the other partners or the name of the venture.

The new company should make an announcement over the next few weeks when details were worked out, he said.

"The rubber business didn't fit into the strategy of the company, although it has been a good and profitable business for us," Crawshaw said.