Spanish agribusiness Elian Barcelona is set to acquire Cargill’s soyabean crushing plant in Moll Álvarez de la Campa in Barcelona.

Elian Barcelona is a subsidiary of Viserion Oilseed Processing, a newly formed subsidiary of Viserion International.

Vision did not disclose the financial terms of the agreement – expected to be completed in the first quarter of next year subject to approval from the Barcelona Port Authority – when announcing the acquisition on 10 October.

The soyabean crushing facility serves the Catalan, Spanish and European feed and food ingredient sectors.

Elian Barcelona said it planned to expand the plant’s capabilities to produce a wider range of food and specialty feed ingredients, through concentration and textured protein, key to supporting the delivery of farm-to-food products across European and Mediterranean markets.

“This strategic asset will allow us to better align our services with consumers and food system trends, enhance European food security and resist supply chain disruptions,” Elian Barcelona founder and general manager Andres Martin said.

Viserion International CEO Aaron Wiegand said the acquisition of the strategically located plant, integral to Catalonia’s food supply, would deepen the company’s long-term commitment to the European market.

“We look forward to expand[ing] the Viserion platform both organically and opportunistically, and to further grow our international grain and food product handling and trading business,” he added.

Viserion International is backed by a fund managed by Pinnacle Asset Management, a US-based alternative asset management firm focused on global commodities markets.