Archer Daniels Midland (ADM) and Wilmar International announced on 23 September that they had received all competition approvals for Olenex – their partnership to market oils and fats in Europe – to become a full joint venture with its own assets.

The companies said they expected to launch the new venture in the next few weeks.

Under their plan announced on 10 December, ADM will transfer two sites – a speciality oils and fats facility and an oil palm refining plant in Hamburg, Germany, to the new venture. Wilmar will transfer over its tropical oils processing plants in Brake, Germany and Rotterdam, the Netherlands (see News, OFI January 2016).

The joint venture will integrate raw materials sourcing, processing, trading and sales and marketing operations. Refined oils and fats from ADM’s other plants in the Czech Republic, Germany, the Netherlands, Poland and the UK will be marketed by Olenex.

Olenex was started in 2012 as a partnership between ADM and Wilmar to market oils and fats in Europe.