Building on existing and new capabilities, we identified excess return integration opportunities in the upstream segment of the value chain and began making investments on a selective basis. These investments have resulted in plantation ownership and management (perennial tree crops), farming (annual crops), dairy farming and forest concessions management, as well as a major initiative in fertiliser manufacturing.

These opportunities have been both organic and through acquisitions. Our upstream segment now consists of: palm (Roundtable Sustainable Palm Oil certified) and rubber plantations in Africa; almond plantations in Australia and California; a coffee plantation in Laos; peanut farming in Argentina; rice farming in Nigeria and Mozambique; cotton farming in Mozambique; dairy farming in Uruguay; the development of tropical forest concessions (Sustainable Forest Management certified) in The Republic of Congo, The Republic of Gabon (ROG) and Mozambique and a fertiliser manufacturing plant in ROG.