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UPDATE 1-Louis Dreyfus buys warehousing company Ilomar Holding
February 18, 2014 / 10:21 AM / 4 years ago

UPDATE 1-Louis Dreyfus buys warehousing company Ilomar Holding

LONDON, Feb 18 (Reuters) - Louis Dreyfus Commodities has bought Belgian warehousing company Ilomar Holding N.V., the company said in a statement.

Ilomar’s businesses include Antwerp-based coffee and cocoa warehouse 4STOX NV, formerly known as Port Real Estate NV.

Terms of the sale were not disclosed.

The acquisition comes at a time when NYSE Liffe has revised its cocoa and coffee grading and storage rules to impose limits on how long warehouses can charge rent when delivery or transfer of stock is delayed, after complaints over storage rents and load-out rates.

Delays to the delivery of certified coffee out of 4STOX NV triggered complaints by trade houses Armajaro and Sucre Export SA, culminating in the Competition Council of Belgium ordering the warehouse to maintain a minimum volume of loading out in May 2012.

In addition to Belgium, the group has branches in Spain (Barcelona), Vietnam (Ho Chi Minh) and the US (New York).

Beyond coffee and cocoa, goods also include tea, ferrous and non ferrous metals.

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