{"id":2276,"date":"2019-12-04T11:16:00","date_gmt":"2019-12-04T11:16:00","guid":{"rendered":"https:\/\/www.ldc.com\/ua\/press-releases\/agribusiness-trade-modernization-initiative-advances-with-new-project-name-covantis\/"},"modified":"2024-01-25T16:50:06","modified_gmt":"2024-01-25T15:50:06","slug":"agribusiness-trade-modernization-initiative-advances-with-new-project-name-covantis","status":"publish","type":"press-release","link":"https:\/\/www.ldc.com\/ua\/en\/press-releases\/agribusiness-trade-modernization-initiative-advances-with-new-project-name-covantis\/","title":{"rendered":"Agribusiness trade modernization initiative advances with new project name, Covantis"},"content":{"rendered":"\n

Geneva, Wednesday 4th December 2019<\/strong> <\/p>\n\n\n\n

The founding members (ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company and Glencore Agriculture) of the industry-wide initiative to modernize global trade operations have announced its new project name: Covantis. The initiative also launched a new website, www.covantis.io, which explains the initiative\u2019s vision to connect the agri-industry via an independent and trusted digital platform to enable post-trade efficiency for all participants. Covantis will also be the name of the digital platform now in development and expected to launch in 2020 subject to regulatory approvals. <\/p>\n\n\n\n

The Covantis initiative also announced that Stefano Rettore will lead the project as an independent advisor during its development phase \u2013 including overseeing the search for a CEO \u2013 until governance is in place and a CEO is appointed. The future entity, executive appointments and the platform itself remain subject to regulatory approvals. Rettore has more than two decades of global experience in the agribusiness industry. He served as president of ADM\u2019s origination business and, prior to that, as the company\u2019s chief risk officer. Before joining ADM, he held a series of leadership positions at agricultural co-op CHS Inc. <\/p>\n\n\n\n

\u201cI am delighted to help lead the Covantis initiative as we build toward the launch of a ground-breaking new technology platform,\u201d said Rettore. \u201cCovantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain. By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade.\u201d <\/p>\n\n\n\n

Interested parties can learn more about the initiative by visiting\u202fwww.covantis.io.<\/a> <\/p>\n\n\n\n

Media contacts<\/strong> <\/p>\n\n\n\n

ADM<\/strong>\u202f 
Jackie Anderson (USA)\u202f 
media@adm.com<\/a> <\/p>\n\n\n\n

Bunge<\/strong>\u202f 
Bunge News Bureau\u202f 
news@bunge.com<\/a> <\/p>\n\n\n\n

Cargill<\/strong>\u202f 
April Nelson (USA)\u202f 
media@cargill.com<\/a> <\/p>\n\n\n\n

COFCO International<\/strong> 
Allan Virtanen (Switzerland) 
press@cofcointernational.com<\/a> <\/p>\n\n\n\n

Glencore Agriculture<\/strong> 
Jane McBride (Australia) 
jane.mcbride@glencoreagri.com.au<\/a> <\/p>\n\n\n\n

Louis Dreyfus Company<\/strong> 
Karen Saddler (Switzerland) 
media@ldc.com<\/a> <\/p>\n\n\n\n

About the <\/strong>Covantis<\/strong> initiative<\/strong> <\/p>\n\n\n\n

Covantis is a blockchain initiative focused on modernizing global trade operations. The founding members,\u202fArcher Daniels Midland Company<\/a>\u202f(NYSE: ADM),\u202fBunge<\/a>\u202f(NYSE: BG),\u202fCargill<\/a>,\u202fCOFCO International<\/a>,\u202fLouis Dreyfus Company<\/a>\u202fand\u202fGlencore Agriculture,<\/a>\u202fare jointly developing a platform to make global trade simple, secure and efficient. The initiative aims to bring efficiencies and cost savings to companies throughout the international supply chain. <\/p>\n\n\n\n

Note on Forward-Looking Statements<\/strong> <\/p>\n\n\n\n

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including statements regarding the anticipated development, success and benefits of the proposed digital platform. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will” and “expect” and similar statements. Forward-looking statements are not historical facts and involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward-looking statement, including in this case the risk that the platform may not be successful or fully achieve the objectives of the participants. Further information regarding risks associated with forward-looking statements is included in Bunge Limited’s and Archer Daniels Midland Company’s filings with the U.S. Securities and Exchange Commission. All statements herein are made as of the date of this press release, and the participants undertake no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise, except as required under applicable law. <\/p>\n","protected":false},"excerpt":{"rendered":"

Geneva, Wednesday 4th December 2019  The founding members (ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company and Glencore Agriculture) of the industry-wide initiative to modernize global trade operations have announced its new project name: Covantis. The initiative also launched a new website, www.covantis.io, which explains the initiative\u2019s vision to connect the agri-industry via an independent and trusted […]<\/p>\n","protected":false},"featured_media":5212,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,47,43],"tags":[],"class_list":["post-2276","press-release","type-press-release","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-finance","category-innovation","category-partnership"],"acf":[],"yoast_head":"\nAgribusiness trade modernization initiative advances with new project name, Covantis || Louis Dreyfus Company<\/title>\n<meta name=\"description\" content=\"LDC and the other founding members of the industry-wide initiative to modernize global trade operations have announced its new project name: Covantis.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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