InVivo to open Saudi office as adapts to global grain shifts

InVivo Therapeutics Holdings

15/11/2023 16:45

By Sybille de La Hamaide
       PARIS, Nov 15 (Reuters) - InVivo will open a marketing
office in Saudi Arabia early next year as it seeks to secure new
outlets at a time of changing global grain demand, the French
agribusiness group's chief executive told Reuters.
    The office, to be based in the Saudi port of Damman, aims to
secure grain supplies for local feed makers in the
fast-developing country, InVivo CEO Thierry Blandinieres said.
    The cooperative group, with activities from grain trading to
wine distribution, became one of Europe's largest agricultural
firms through its takeover of French rival Soufflet in 2021.
    Algeria has been traditionally the biggest market for French
wheat but exports to the north African country have fallen
dramatically as Algiers turned to cheaper Russian supplies.
    French wheat exports to Algeria this season were down 85% by
the end of last month compared to a year earlier. However, the
fall was set to be compensated later in the season by a sharp
rise in sales to China, where crops have been damaged by rain.
    "Geographies are changing in terms of customers. We know
that Algeria is no longer a loyal customer. The good surprise is
that the Chinese order a lot, that Egypt is buying again and
Saudi Arabia wants to have ties with France," Blandinieres said.
    "But China will eventually stop, it is not a continuum, so
we have to find outlets elsewhere and that's what we are trying
to do," he said, adding that InVivo was also working on securing
its west African markets.
    The Saudi office will be directed from Dubai by Aman Sethi,
who was previously based at InVivo's Singapore office,
Jean-Francois Lepy, head of InVivo's trading arm Soufflet
Negoce, said separately.
    InVivo said on Wednesday its Malteries Soufflet unit had
completed the takeover of Australia's United Malt Group
following clearance from relevant regulatory authorities and
shareholders, creating the world's largest maltster.         
($1 = 1.5370 Australian dollars)  

 (Reporting by Sybille de La Hamaide; Editing by Alexander
Smith)
 ((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))