US-headquartered global agribusiness Archer Daniels Midland Co (ADM) entered on 11 December into an agreement to sell its Bolivian oilseeds operations to Peruvian Inversiones Piuranas SA.

The sale includes ADM’s soyabean and sunflower oil and meal processing facility in Santa Cruz de la Sierra, alongside nine grain storage silos and ADM’s Bolivian distribution network, ADM said in a statement.

“We regularly review our portfolio and the sale of our Bolivian oilseeds operations is part of our long-term growth and transformation strategy,” said Greg Morris, president, ADM Oilseed Processing unit.

ADM would keep operating the Bolivian facilities until the transaction closed, which was projected for the first half of 2018, subject to regulatory approvals.

The company, which is one of the largest agri processors and food ingredient providers in the world, employed approximately 400 people in Bolivia.