Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Archer Daniels Midland joins with Sri Lanka's CIC Holdings and Chemanex to Produce Bio-Based Superabsorbent Polymers
Sat, Aug 24, 2013, 09:58 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 24, Colombo: The world's leading agriculture crop processer Archer Daniels Midland (ADM) has formed a joint venture with Sri Lanka's CIC Holdings PLC and Chemanex PLC.

The new company Chemcel Pvt Ltd. will build and operate a processing facility near Colombo to manufacture bio-based superabsorbent polymers, commonly used in food packaging, personal-care products and various industrial applications.

ADM will be the majority owner of the venture and will market the plant's production of ADM's BioSAP™ -brand superabsorbents produced at the plant from starches obtained from agricultural feed stocks, ADM said in a release Friday.

Mr. B.R.L. Fernando, chairman, CIC Holdings PLC and Chemanex PLC has said that their companies have consistently looked at ways to add value to both domestic and imported agricultural products.

"This new joint venture offers us a technology platform that combines the research and development expertise of a major global agricultural processor with the available facilities and knowledge of CIC and Chemanex," Mr. Fernando was quoted.

CIC Holdings, which presently owns 30% of Chemcel, announced Friday in a stock market disclosure that it, in the capacity of a shareholder of Chemcel, had entered into an agreement with the Archer Daniels Midland Europe BV.

Under the agreement ADM Europe BV will invest US$ 14.245 million in Chemcel and new shares of Chemcel will be issued to the Netherland-based ADM subsidiary.

After the new share issue ADM Europe BV will become the major shareholder of Chemcel with 66% equity ownership and CIC Holdings will then own 10.2% of the equity.

Chemcel will utilize the funds from ADM to complete its Chemcel Production Plant situated at Meerigama Export Processing Zone.

Archer Daniels Midland Europe B.V. based in Rozenburg, the Netherlands operates as a subsidiary of ADM Worldwide Holdings LP. The company processes and supplies cocoa, chocolate and oilseeds.

ColomboPage - Recent 10 Stories
Sri Lankan President leaves for Vatican
-- [56 minutes ago]
Sri Lanka's NDB gets US$ 75 million credit line from PROPARCO and FMO
-- [6 hours ago]
Missing Persons Commission of Sri Lanka to record statements from military personnel next
-- [6 hours ago]
Sri Lanka's Yal Devi to resume journey to Jaffna on the 13th after 24 years
-- [7 hours ago]
Sri Lanka to hand over chairmanship of G15 to Kenya
-- [8 hours ago]
Opposition Leader will be the Presidential candidate from Sri Lanka's main opposition party
Sri Lanka Navy arrests two trying to smuggle 45 kilograms of gold
New Tamil Nadu CM writes to Indian PM to get fishermen's boats back from Sri Lanka
WFP distributes food and cash to drought-stricken communities in Sri Lanka
New Sri Lanka Atomic Energy Bill to be presented in parliament

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.