Sources told Reuters that the world's largest sugar producer, Raizen, and Asian commodity trading company Wilmar International have decided to end their partnership in the RAW joint venture, which operates in the international commodity market.
The partnership, which began in 2016, was intended to combine efforts by the largest producer of raw sugar with one of the largest tradings in the product. "The venture is being dissolved, they are separating," said a U.S.-based commodity operator.
A second source said Raízen wanted the joint venture to evolve in terms of shared investment opportunities and this did not happen, which led the company to explore new areas on its own. A third source said that despite the end of the partnership, the two companies plan to continue doing business but the structure, with offices in São Paulo and Europe, will no longer exist.