Archer Daniels Midland Company (ADM) announced Dec. 11 that it has reached an agreement to sell its oilseeds operations in Bolivia to Inversiones Piuranas S.A. The sale encompasses ADM’s processing facility in Santa Cruz de la Sierra, as well as nine grain silos and ADM’s Bolivian distribution business.

“We regularly review our portfolio, and the sale of our Bolivian Oilseeds operations is part of our long-term growth and transformation strategy,” said Greg Morris, president of ADM’s Oilseeds Processing business unit.

ADM’s oilseeds operations in Bolivia process soybeans and sunflower into oils and protein meal. ADM has approximately 400 employees in Bolivia.

The transaction, which is subject to regulatory approvals, is expected to close in the first half of 2018; until then, ADM will continue to operate its oilseeds business in Bolivia.