| LONDON, March 27
LONDON, March 27 Cargill is exiting coal trading
and will stop dealing in gas and power in Europe, the global
commodities giant said on Thursday, becoming the latest company
to step away from the sectors that have been hit by falling
The privately-held firm, which employs 140,000 people in 65
countries, said its Energy, Transportation and Metals (ETM)
division would close the businesses following a review that
identified limited long-term opportunities in the sectors.
"Significant changes in the coal and European power and gas
markets have led Cargill ETM to withdraw from these two
sectors," the company said in a statement.
"These changes come after a thorough review of its strategy
to offer distinctive, long-term value to its customers."
A spokesman for the company said that the number of people
affected by the closures would be "less than 50". Cargill's
European gas and power trading was centred in Geneva, while the
coal operation was also conducted from offices in North America
Cargill is following the example of many banks in the
JPMorgan, Deutsche Bank, Barclays
, Bank of America Merrill Lynch and Morgan
Stanley have all either reduced or closed their European
power and gas trading units.
Cargill will continue to trade oil, petrochemicals, iron ore
and steel, ocean freight and North American gas and power, the
While Cargill is one of the largest global commodity
traders, its focus has historically been on grains and
agricultural markets, rather than energy.
(Reporting by David Sheppard; Editing by Anthony Barker)