Under the deal, ADM will continue to source, refine and produce bottled oil at its facility in Szamotuly, western Poland, and Princes will manage sales, marketing and distribution of the oil to retail and wholesale customers in Poland and Central and Eastern Europe.
The new joint venture company they have formed will follow the same business model as Edible Oils Ltd UK, which Princes and ADM subsidiary Pura Foods created in 2005 to boost trade with European retailers and wholesalers.
Princes md Ken Critchley said: “Poland represents a particularly strong market for us and we are planning further expansion in the country over the next few years.”
Brent Fenton, md, European Oilseeds at ADM, said: “Together with Princes, and their experience in brand and category management, we are ideally positioned to maximise opportunities in the Polish market.”
Princes, which is owned by Mitsubishi, is a leading supplier of soft drinks, speciality oils and canned foods with a stable of brands including Napolina, Shippam’s spreads, Jucee squash, Aqua-Pura mineral water, and Princes.