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The new giants of the market

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Viterra's revenue reached $28 billion in the first half of 2023, up 18% from $24.3 billion in the same period last year. This result was driven by record sales volumes, the completed acquisition of Gavilon as well as the upcoming merger with Bunge Ltd.

"Viterra's strategic focus on expanding and diversifying our capabilities has enabled us to deliver strong results in a challenging environment, achieving record results across our businesses," said David Metiske, CEO of Viterra.

"We closed the first half of the year with a record 64 million tonnes of goods traded across our network, largely due to the addition of our recently acquired US and Mexico business formerly known as Gavilon."

Total traded goods included 39.1 million tons of grain, up 54% from the usual 25.4 million tons year-on-year; 22.4 million tons of oilseeds, which is 43% more than the usual 15.7 million tons. Overall, sales volume grew by 47% in the first half of 2022.

In March, Viterra's Australian business realized its largest grain volume in a single month, with more than 990,000 tonnes loaded onto ships in South Australia. In Brazil, Viterra saw huge soybean and corn exports, leading to a record volume of 429,000 tonnes of exports at its port terminal in Ithaca in June.

In 2023, Viterra also announced a planned expansion of its grain storage facilities in Ether, Texas, USA. Through its US and Mexico businesses, Viterra has expanded its distribution network in Latin America, exporting to new destinations including Peru, Ecuador, Chile, Nicaragua and the Dominican Republic.

On June 13, Bunge and Viterra agreed to an $18 billion merger that effectively creates one of the world's largest agribusiness firms, bringing it closer in size and scope to leading agribusiness giants Cargill and ADM.

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