Seaboard unit acquires stake in trading group
BakingBusiness.com, May 10, 2010
by Josh Sosland
MERRIAM, KAS. — Seaboard Overseas and Trading Group, the grain processing, merchandising and bulk transportation division of Seaboard Corp., Merriam, has acquired a 50% ownership interest in PS International, Chapel Hill, N.C.
PSI is an exporter of value-added food products and specialty grains, such as rice, pulses, sugar, edible oils, dairy products, flour and tomato paste.
Under the agreement, PSI will continue operating within its current trading platform. In addition to its North Carolina headquarters, PSI has affiliated offices in France, Mexico, China, Korea, Argentina, Canada, Venezuela, Haiti and Algeria.
PSI said it has been involved in the dairy market for 35 years. Describing its value-added approach to other products, PSI said, “We contract with growers and producers in Canada and the United States to produce grain and pulse crops. We oversee the process from the field to its final destination, guaranteeing quality control and making sure our clients receive a good price.”
The company’s chairman and chief executive officer is Mike Fields. Cathy Fields is president and treasurer.
According to Seaboard, the two companies will work jointly to develop new trade and asset based opportunities through their combined resources. As an example, the joint venture may be able to utilize Seaboard food processing, packaging and transportation resources around the world to better serve customers and increase volumes, Seaboard said.
The subsidiary will be headquartered in Chapel Hill and will continue to be managed by the existing PS International team.