Archer Daniels Midland Company (ADM) and Stellamaris Internacional (SMI) have formed a joint venture to construct and operate a port facility at Nueva Palmira, Uruguay. ADM will have a 75% interest in the port operations. The new port capacity will serve the growing logistics demands in the Brazilian, Paraguayan, Bolivian and Uruguayan regions.
Construction of the facility is scheduled to begin in July of this year and will be fully-operational by early 2006.
Stellamaris Internacional (SMI) is a Uruguayan holding group and owner of several regional companies. SMI has more than 50 years of experience in ocean vessel activities, port operations and logistics.
Archer Daniels Midland Company (ADM) is a world leader in agricultural processing. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soy meal and oil, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 270 processing plants and net sales for the fiscal year ended June 30, 2003 of $30.7 billion. Additional information can be found on ADM's Web site.Archer Daniels Midland
