Global sugar joint venture now has a name
GENEVA AND SÃO PAULO, BRAZIL — Cargill and Copersucar on Aug. 20 announced they have completed all required regulatory clearances to form Alvean, a 50/50 sugar trading joint venture that will operate as an independent entity. Alvean will begin integrating global activities to originate, commercialize and trade raw and white sugar.
“Alvi, derived from the Latin word albus, signifies white/crystal clear and symbolizes our engagement to be ethical and inclusive toward our partners,” said Soren Hoed Jensen, chief operating officer of Alvaean. “The suffix ‘an’ brings the notion of movement, expressing the dynamism of the sugar market and our commitment to be the unique link between supply and demand around the world.”
Ivo Sarjanovic, who previously headed up Cargill’s global sugar business, will become chief executive officer of Alvean.
“I am very confident that we are embarking on an exciting journey that will reshape the sugar industry,” he said. “We are bringing together the best of both Cargill’s and Copersucar’s sugar expertise, talents and capabilities, the base of which we build our new and unparalleled company, Alvean.”
Copersucar S.A. is a Brazilian sugar and ethanol trader. Cargill, Minneapolis, provides food, agriculture, financial and industrial products and services around the world. The two companies first announced the sugar joint venture in March.
Alvean’s trading activities will be based in Geneva. The joint venture also will have offices in Bangkok, Thailand; Bilbao, Spain; Delhi, India; Dubai, United Arab Emirates; Hong Kong; Jakarta, Indonesia; Miami; Moscow; São Paulo; and Shanghai, China. A web site at www.alvean-sugar.com is under construction.