Brazil’s Vanguarda Unloads Biodiesel

Vanguarda Agro agreed to sell two Biodiesel plants to biodiesel producer Oleoplan for BRL100m ($54.8m), in a deal that allows the company to reduce its debt load. The Brazilian agribusiness company will sell its biodiesel plants in Iraquara in the state of Bahia and in Porto Nacional in the state of Toncantins. Officials for both companies could not be immediately reached for further details of the transaction. The divestment will allow Vanguarda to cut its net debt by 29% as estimated by the company on October 31. The transaction is part of Vangiarda’s bid to revamp its capital structure and rid itself of assets it no longer considers pertinent to its core business.