According to the companies, that a joint venture would utilize Bartlett’s North American agriculture supply chain and operational capabilities, along with POSCO’s global agricultural network and market expertise, to promote growth and explore new business opportunities.
They added that the joint venture would be synergistic, as both companies share an emphasis on sustainability and supporting the growing international markets for grain and renewable transportation fuels.
“With 116 years of experience in sourcing, transporting, and processing grain for customers across North America, and our upcoming soybean crushing facility in southeast Kansas coming online in 2024, we’re excited to explore this opportunity with POSCO International to expand our business into global markets,” said Bob Knief, President of Bartlett.
“Bartlett is part of Savage, a global provider of supply chain infrastructure and solutions, and our purpose is to move and manage what matters so our customers and partners can feed the world, power our lives, and sustain the planet.”
Bartlett, based in Kansas City, Missouri, operates 15 grain facilities and is a leading exporter of grain to Mexico in the United States and supplies all classes of wheat, food-grade corn, and soybeans to millers and processors.
It ranks 22nd among North American grain companies, with a storage capacity of 74.3 million bushels, according to Sosland Publishing’s 2023 Grain & Milling Annual.
Bartlett recently expanded its flour mill in Wilson’s Mills, North Carolina, US, increasing the company’s overall milling capacity by 5,000 cwts to 46,000 cwts. This expansion has positioned Bartlett as the ninth-largest milling company in North America, according to the Grain & Milling Annual.
The company’s upcoming soybean crushing plant, located near Cherryvale, Kansas, US, will have the capacity to process up to 45 million bushels of soybeans every year.
Based on its more than 80 global networks and marketing expertise, POSCO International, a company based in Seoul, South Korea, has been expanding its business in various fields including energy, steel, agriculture, and component materials.
It entered the grain trading market in 2015 and has since become South Korea’s largest food commodity trading company, handling 8 million tonnes of foodstuffs.
The company stated that it is leading the path toward a sustainable future for humanity as a top-tier provider of green materials.
“At POSCO International, our vision is to be the global business leader for sustainable growth, and partnering with Bartlett would strengthen our North American supply chain connections and market position,” said Jeong Tak, Vice Chairman and Chief Executive Officer of POSCO International.
“The future of humanity depends on people having access to sustainable sources of food and energy, and the work we do every day plays an important role in making sure this can happen for millions of people around the world.”
In 2019, POSCO International established a grain export terminal in Mykolaiv, Ukraine, to enhance its grain procurement capabilities in Ukraine and expand its presence in the Black Sea region. The company also operates a rice processing complex in Myanmar.
POSCO International is a member of the Grain and Feed Trade Association (GAFTA), the Federation of Oils, Seeds and Fats Associations (FOSFA), and the North American Export Grain Association (NAEGA).