ABB and Soufflet Open Ukraine Venture

NEW YORK - Aug 21/07 - SNS -- Australia's ABB Grain and Europe's Soufflet Negoce have established a joint venture grain company in the Ukraine.

The venture will accumulate grain, manage supply chain activities and market grain both domestically and up to the point of export within the Ukrainian grain market.

ABB Grain's managing director, Michael Iwaniw, said, "The new company will be equally owned by ABB and Soufflet Negoce and will have two operating subsidiaries, a grain marketing company and a storage and handling (infrastructure) company. It will operate a mix of purchased silos and rented space; grain will be transported to ports for 'free-on-board' sale to buyers, who chiefly will be ABB or Soufflet."

Iwaniw said ABB would relocate a senior employee to the Ukraine for an operational management role. But the majority of positions would be filled from within the Ukraine.