POSCO International announced on Sept. 26 that it has signed a framework agreement on the establishment of a joint venture for the food investment business with Bartlett & Company, a leading local grain company, in Kansas City, the U.S., on Sept. 25.
Bartlett is a food-specialized company with about 15 grain terminals in the central United States, procuring grains such as corn, wheat, and soybeans and selling them to the domestic market and Mexico. The U.S. food giant handles approximately 10 million tons annually and runs the 10th largest flour mill in the United States.
POSCO International and Bartlett agreed to jointly promote the grain procurement business and soybean processing business, establish a stable procurement system for U.S. grains, and jointly develop overseas export markets.
POSCO International will make an equity investment in a soybean processing plant being built by Bartlett. It will also set up a joint venture to stably procure raw grains.