World Grain - March 2022 - 14

NEWS REVIEW
Malta flour milling company to build new facility
MARSA, MALTA - Federated Mills, the only flour mill in
Malta, has announced plans to invest €14.4 million ($16.3 million)
to build a new facility in Corradino in Malta, according to
Times of Malta.
The two-year investment will be supported by Malta Enterprise,
an international trade consultant in Pieta, Malta. The two-year
timeframe will give Federated Mills time to move its operations
from Marsa, Malta, to the new location, the Times of Malta said.
The news outlet said the €14.4 million investment will include
Seaboard milling unit profit falls in fiscal 2021
MERRIAM, KANSAS, US - Seaboard Corp. posted operating
income of $61 million in its Commodity Trading and Milling
(CT&M) segment during the fiscal year ended Dec. 31, 2021,
down 48% from $118 million in fiscal 2020 and compared with
$62 million in fiscal 2019. Seaboard said the decrease in operating
income primarily reflected derivative contract losses of $22
million related to mark-to-market adjustments, $18 million of
goodwill and property, plant and equipment impairment charges
related to plans to dispose of immaterial businesses, and higher
selling, general and administrative costs.
" Due to worldwide commodity price fluctuations, the uncertain
the construction of a new plant and the purchase of a production
system equipped and designed from the company's milling
needs. It also will include the purchase of sustainable and modern
equipment to improve production and efficiency.
" Investments by local companies are a reflection of a resilient
Maltese sector, despite the pandemic, " Energy Minister Miriam
Dalli said. " The government continues to support such local
companies to ensure that they can continue to operate and invest
in their future. "
political and economic conditions in the countries in which this
segment operates, the volatility in the commodity markets and
the ongoing impacts of the COVID-19 pandemic, including variants,
management is unable to predict sales and operating results
for this segment for future periods, " Seaboard noted in a Feb.
15 filing with the US Securities and Exchange Commission.
" However, management anticipates positive operating income
for this segment in 2022, excluding the effects of mark-to-market
derivative contracts. "
Seaboard in fiscal 2021 posted net earnings of $570 million,,
up 101% from $283 million in the same period a year ago.
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March 2022 / World Grain / www.World-Grain.com
World Grain - March 2022

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