Top grain trader Toepfer announces new company name
Germany's largest grain trading house Alfred C. Toepfer International has been renamed ADM Germany GmbH by its new parent Archer Daniels Midland Co. , removing the Toepfer name from the global grains market after almost 100 years, according to Reuters.
The name change from Toepfer to ADM Germany took effect immediately, an ADM spokesperson said on Tuesday.
US agribusiness giant ADM announced in April it was buying the remaining 20% stake in Hamburg-based Toepfer it did not own from France's InVivo for 83 million euros ($113.6 million) as part of an ADM corporate shakeup.
"We are still determining how to best combine ADM and Toepfer's operations, however we anticipate that the Hamburg office will play an important role in the future of ADM," the spokesperson said.
ADM's European headquarters is in Rolle in Switzerland, where the group has been building a major agricultural commodity trading centre.
Toepfer is a global trader of agricultural commodities and processed products with 37 offices worldwide. Toepfer also operates inland, river, and export centres in Argentina, Bulgaria, Canada, Hungary, Romania, Ukraine and the United States.
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