National Grain and Feed Association's 121St Annual Convention
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The Abcds' Transformation: How Far Will Downstream Integration
June 2019 Unigrains – In Brief The ABCDs’ transformation: how far will downstream integration go? The ABCD's transformation: accelerated pace of deals 60 50 40 30 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -10 Number Number acquisitions of cumulated ADM Bunge Cargill LDC Source: Unigrains based on Pitchbook ➢ Looking for lost margins: downstream integration Since the early 2010s, the main international traders in agricultural commodities, Archer Daniel Midland (ADM), Bunge, Cargill and Louis Dreyfus Company (LDC), otherwise known as the ABCDs, have seen their profits fall (cf. In Brief: “International agricultural trading: a model in question”). Their position as intermediaries in the agri-food sector is undermined by a combination of several factors. While they remain essential links in the value chain, given their international footprint and their ability to manage risks, the ABCDs have had to embark on a phase of deep reinvention to restore margins. This transformation translates into ever-increasing downstream integration. It reflects the ABCDs’ attempt to secure outlets for their commodities, position themselves in value-added segments that generate higher margins, and strengthen their pricing power through differentiated products in order to reduce profit volatility. ➢ Strategic options The ABCDs’ investments directly reflect their strategic choices in terms of vertical integration. Over the past few years their average acquisition pace sharply accelerated. • ADM started building up its Nutrition division in 2014 with the acquisition of Brazil’s Wild Flavor (natural ingredients). In 2018, ADM’s Nutrition division accounted for 10% of group operating income, while the contribution of its Origination (upstream) business decreased by half. -
During the Past Two Decades, the U.S. Housing Finance System Experienced Changes of a Magnitude Unseen Since the New Deal Era
FOREWORD During the past two decades, the U.S. housing finance system experienced changes of a magnitude unseen since the New Deal era. In the 1980s, the primary mortgage market restructured and consolidated as a result of the savings and loan crisis, adjustable-rate mortgages became widely available, and the secondary mortgage market grew rapidly. The 1990s saw continued industry consolidation, as well as significant technological de- velopments in mortgage finance. In addition, the past decade was a time of considerable innovation in affordable mortgage lending, part of a growing movement to connect his- torically underserved households and communities to the mainstream housing finance system. This volume examines this movement through case studies of organizations recognized by their peers as leaders in expanding homeownership opportunities. In an extension of their earlier research for the U.S. Department of Housing and Urban Development, the authors describe the efforts of a broad cross section of industry participants, including small and large lenders, nonprofit community-based organizations (CBOs), and lending consortia. They document a wide range of strategies—in the areas of management, out- reach, borrower qualification, and homeowner retention—designed to expand and sus- tain homeownership among lower-income and minority households. The case studies illustrate three notable aspects of recent efforts to extend the reach of homeownership. First, they demonstrate that leaders in the mortgage finance industry view historically underserved populations and communities as viable business markets rather than regulatory burdens, and back this perspective with action. Second, the stud- ies show the vital role that partnership plays in expanding opportunity. -
"SOLIZE India Technologies Private Limited" 56553102 .FABRIC 34354648 @Fentures B.V
Erkende referenten / Recognised sponsors Arbeid Regulier en Kennismigranten / Regular labour and Highly skilled migrants Naam bedrijf/organisatie Inschrijfnummer KvK Name company/organisation Registration number Chamber of Commerce "@1" special projects payroll B.V. 70880565 "SOLIZE India Technologies Private Limited" 56553102 .FABRIC 34354648 @Fentures B.V. 82701695 01-10 Architecten B.V. 24257403 100 Grams B.V. 69299544 10X Genomics B.V. 68933223 12Connect B.V. 20122308 180 Amsterdam BV 34117849 1908 Acquisition B.V. 60844868 2 Getthere Holding B.V. 30225996 20Face B.V. 69220085 21 Markets B.V. 59575417 247TailorSteel B.V. 9163645 24sessions.com B.V. 64312100 2525 Ventures B.V. 63661438 2-B Energy Holding 8156456 2M Engineering Limited 17172882 30MHz B.V. 61677817 360KAS B.V. 66831148 365Werk Contracting B.V. 67524524 3D Hubs B.V. 57883424 3DUniversum B.V. 60891831 3esi Netherlands B.V. 71974210 3M Nederland B.V. 28020725 3P Project Services B.V. 20132450 4DotNet B.V. 4079637 4People Zuid B.V. 50131907 4PS Development B.V. 55280404 4WEB EU B.V. 59251778 50five B.V. 66605938 5CA B.V. 30277579 5Hands Metaal B.V. 56889143 72andSunny NL B.V. 34257945 83Design Inc. Europe Representative Office 66864844 A. Hak Drillcon B.V. 30276754 A.A.B. International B.V. 30148836 A.C.E. Ingenieurs en Adviesbureau, Werktuigbouw en Electrotechniek B.V. 17071306 A.M. Best (EU) Rating Services B.V. 71592717 A.M.P.C. Associated Medical Project Consultants B.V. 11023272 A.N.T. International B.V. 6089432 A.S. Watson (Health & Beauty Continental Europe) B.V. 31035585 A.T. Kearney B.V. -
2018 Louis Dreyfus Foundation Activity Report
Fondation d’entreprise Activity Report 2018 LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 1ABOUT US About the Louis Dreyfus Foundation 02 Governance 03 Message from the President 04 Message from the General Manager 05 Our projects in 2018 06 The year in numbers 08 2OUR WORK Micro-farming 12 Education 18 Communities & environment 20 The Emergency Fund for Food Aid 22 What’s next? 24 Financial information 2018 27 Credits & acknowledgments 28 For more information please visit: www.louisdreyfusfoundation.org LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 ABOUT US 1ABOUT US SNNP REGION, ETHIOPIA LOUIS DREYFUS FOUNDATION ACTIVITY REPORT 2018 01 LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 About the Louis Dreyfus Foundation Vision Mission To help alleviate hunger and poverty Improving food security through by bringing sustainable solutions sustainable micro-farming and to small farmers. education. How we work Sustainable micro-farming and Empowering communities & education help farmers to become preserving the environment allows self-sufficient, contributing to food us to reinforce the potential impact security and alleviating poverty. of our work, now and in the future. Partnering with Louis Dreyfus Company allows our programs to benefit from the presence of LDC and the expertise of its employees, maximizing our positive impact. 02 LOUIS DREYFUS FOUNDATION ACTIVITY REPORT 2018 LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 LDF | ACTIVITY REPORT 2018 | 28.06.19 | PROOF 10 ABOUT US Governance The Louis Dreyfus Foundation is a company foundation operating under French law, with a registered office in Paris. -
GATX Corporation Annual Report 2020
GATX Corporation Annual Report 2020 Form 10-K (NYSE:GATX) Published: February 19th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36-1124040 (State or Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Identification No.) 233 South Wacker Drive Chicago, IL 60606-7147 (Address of principal executive offices, including zip code) (312) 621-6200 (Registrant's telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock GATX New York Stock Exchange Chicago Stock Exchange 5.625% Senior Notes due 2066 GMTA New York Stock Exchange Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
EXHIBIT C Lennox Declaration Case 19-11240-LSS Doc 107-4 Filed 06
Case 19-11240-LSS Doc 107-4 Filed 06/11/19 Page 1 of 55 EXHIBIT C Lennox Declaration RLF1 21403718v.1 Case 19-11240-LSS Doc 107-4 Filed 06/11/19 Page 2 of 55 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE : In re: : Chapter 11 : FTD Companies, Inc., et al.,1 : Case No. 19-11240 (LSS) : Debtors. : (Jointly Administered) : DECLARATION OF HEATHER LENNOX Pursuant to Rule 2014(a) of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"), Rule 2014-1(a) of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware (the "Local Rules"), and in accordance with the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases, issued by the Executive Office of the United States Trustee (the "U.S. Trustee Guidelines"), I, Heather Lennox, declare: 1. I am an attorney at law admitted and in good standing to practice in the States of New York and Ohio, the Sixth Circuit Court of Appeals, and the United States District Courts for the Northern and Southern Districts of Ohio, the Southern and Eastern Districts of New York and the Eastern District of Michigan. The Court has entered an order allowing me to appear pro hac vice (D.I. 33). 1 The Debtors are the following 15 entities (the last four digits of their respective taxpayer identification numbers, if any, follow in parentheses): FTD Companies, Inc. (5852); Bloom That, Inc. -
2016 Annual Report (PDF)
Our Commitment WELLS FARGO & COMPANY ANNUAL REPORT 2016 2016 ANNUAL REPORT Contents 2 | Letter from Chairman of the Board 4 | Letter from Chief Executive Officer and President 14 | Demonstrating Our Commitment 14 | Homeownership: More than a dream 16 | Journey through retirement 18 | A prescription for caring 20 | Bringing bankers to the kitchen table 22 | A home for hope 24 | Building with smart technology 26 | Helping create affordable housing 28 | A future of efficient freight 30 | A bank for life 32 | Operating Committee and Other Corporate Officers 33 | Board of Directors 34 | 2016 Corporate Social Responsibility Performance 35 | 2016 Financial Report - Financial review - Controls and procedures - Financial statements - Report of independent registered public accounting firm 273 | Stock Performance 2 2016 ANNUAL REPORT Dear Fellow Shareholders, Since 1852, Wells Fargo has worked to earn customers’ trust We have enforced senior management accountability by meeting their financial needs and helping them succeed for the damage to Wells Fargo’s reputation through very financially, while maintaining the highest standards of significant compensation actions. The Board accepted integrity. That is why my fellow Board members and I were John Stumpf’s recommendation to forfeit all of his unvested deeply troubled that Wells Fargo violated that trust by equity of approximately $41 million prior to his retirement opening accounts for certain retail banking customers that as Chairman and CEO. The Board required Carrie Tolstedt, they did not request or in some cases even know about. the departed head of Community Banking, to forfeit all This behavior is unacceptable, not only to the Board but of her approximately $19 million of unvested equity. -
Louis Dreyfus Company Netherlands
Louis Dreyfus Company Netherlands Sectors: Agriculture for Biofuels, Agriculture for Food Crops, Agriculture for Industrial Crops, Chemical Manufacturing, Commodities Trading Active This profile is actively maintained Send feedback on this profile By: BankTrack Created on: May 19 2020 Last update: Dec 23 2020 Contact: Marília Monteiro, Forest Campaigner. Sectors Agriculture for Biofuels, Agriculture for Food Crops, Agriculture for Industrial Crops, Chemical Manufacturing, Commodities Trading Headquarters Ownership The Louis Dreyfus family has ownership of approximately 95%, and LDC employees and management have around 5%. Subsidiaries Website https://www.ldc.com/ About Louis Dreyfus Company Louis Dreyfus Company (LDC) is a leading processor and trader of agricultural commodities. LDC is active in over 100 countries and indirectly reaches a consumer base of 500 million people by originating, processing, and transporting approximately 81 million tons of commodities annually. Revenues in 2017 were USD 43 billion, and LDC employs 19,000 people worldwide. Louis Dreyfus Company is one of the major processors and exporters of soy in South America and one of the largest commodity traders globally. The company has significant oilseed crushing facilities in Brazil and Argentina, as well as having an annual capacity of several million metric tons in China. LDC is among the top ten soy exporters in Argentina and among the top five in Paraguay and Brazil. The company’s palm oil operations are also significant with the company handling over 2 million metric tons of palm oil and derivatives in 2015. It is also a major producer of biodiesel. Why this profile? Louis Dreyfus' operations, particularly in the soy and orange supply chains, are implicated in several social and environmental issues, such as poor working and living conditions, and deforestation of the Amazon and Cerrado biomes. -
Louis Dreyfus Commodities
N9-515-065 DECEMBER 12, 2014 DAVID E. BELL Louis Dreyfus Commodities In late 2014, the Louis Dreyfus company was at a crossroads. As seemed to be a constant in the company’s 163-year history, changes were underway in the ownership structure, and more significantly, major changes were occurring in the company’s primary business: the international buying and selling of agricultural commodities. In 2009 Robert Louis-Dreyfus, chairman of Louis Dreyfus and great-grandson of the founder, died of leukemia leaving the company in the trust of his widow, Margarita Louis-Dreyfus, for the ultimate benefit of their three sons. The complex ownership structure that Robert left behind had caused some upheaval and raised questions about the appropriate corporate strategy for the future. Dreyfus, the “D” in the ABCD of grain traders (ADM, Bunge and Cargill being the others) had enjoyed some spectacular returns in the years prior to 2014, and sales had reached $63 billion, but there were reasons to suppose the future would not be so rosy. China had grown in significance in world markets to the point where in soybeans and cotton more than half of all international grain flows were at their behest. While many Chinese corporations bought and sold in the world markets, these corporations ultimately reported to the government, which coordinated strategy. Chinese policy for some time had been that the country was working to be self–sufficient in food, but lately there were clear signs that they had accepted that long term importation was to be a fact of life. In early 2014 China had purchased majority shares in two large trading firms, Noble and Nidera (see Table 1 for a list of Ag trading firms). -
View Annual Report
Annual Report & Audited Consolidated Financial Statements 2017 Realizing our Potential. Contents This is LDC 02 Global Presence 04 Our Value Chain 06 Perspectives 10 Louis Dreyfus Company is a leading Message from our Chairperson 12 merchant and processor of agricultural Message from our CEO 14 goods, leveraging its global reach and Corporate Governance 16 extensive asset network to deliver Strategic Approach 20 for our customers around the world – Our Strategy 22 safely, responsibly and reliably. Our Capabilities 26 2017 Review 34 2017 from A-Z 36 Financial Highlights 40 Platform Performance 42 Regional Overview 50 Audited Consolidated Financial Statements 56 Management Discussion & Analysis 58 Financial Highlights 58 Income Statement Analysis 59 Balance Sheet Analysis 61 Independent Auditor’s Report 64 Consolidated Income Statement 67 Consolidated Balance Sheet 68 Consolidated Statement of Comprehensive Income 70 Consolidated Statement of Cash Flows 71 Unless otherwise indicated, “Louis Dreyfus Company”, “LDC”, “Group”, Consolidated Statement of Changes in Equity 72 “Louis Dreyfus Company Group” and related terms such as “our”,“we”, etc. used in this Annual Report refer to the Louis Dreyfus Company B.V. Group. Notes to Consolidated Financial Statements 73 Louis Dreyfus Company Annual Report & Audited Consolidated Financial Statements 2017 1 Our vision Our mission 11 Platforms To work towards a safe To use our know-how Our diversified activities span the entire value chain from farm to fork, and sustainable future, and global reach to bring across a broad range of business lines (platforms). contributing to the the right product to the global effort of providing right location, at the The Value Chain Segment sustenance for a growing right time. -
Tank Car Committee Main Session Docket and Agenda
Tank Car Committee Main Session Docket and Agenda April 18-19, 2018 Atlanta, GA MEETING SCHEDULE Wednesday April 18, 2018 Tank Car Committee The Whitney, Buckhead, GA 2:00pm – 3:30am Government Regulatory Update 3:30am – 5:00pm AAR M‐1002 Standards Thursday April 19, 2018 Tank Car Committee The Whitney, Buckhead, GA 8:00am – 11:00am AAR M‐1002 Standards/Standing Updates 11:00am – 12:00pm Tank Car Research Program April 2018 Tank Car Committee Main Session Agenda/Docket Page 2 of 114 AAR TANK CAR COMMITTEE MEMBERS Railroad: Affiliation Andy Ash (Chair) Railway Association of Canada Jim Kozey (Vice-Chair) Canadian Pacific Railway Ryan Miller Kansas City Southern Railroad John Birkmann Union Pacific Railroad Jorge Gallardo Ferrocarril Mexicano (FXE) Chris Machenberg CSX Transportation Anthony Ippolito Canadian National Railway Bruce Siebold BNSF Railway Company Alvaro Almaguer Kansas City Southern de México, S.A. de C.V. David Schoendorfer Hazmat Committee Liaison (Norfolk Southern Railway) Paul Williams Norfolk Southern Railway Allen Richter Consolidated Rail Corporation JR Gelnar ASLRRA Non-Railroad Shippers: Kevin Flahive The Fertilizer Institute (Koch Fertilizer) N. Scott Murray ACC (ExxonMobil Chemical Company) Robyn Kinsley The Chlorine Institute Mike Richardson U.S. Clay Producers Traffic Association Kirk Warner American Petroleum Institute (Consultant) Craig Jorgenson The Sulphur Institute Kelly Davis The Ethanol Shippers Non-Railroad Tank Car Builders: A.D. McKisic Trinity Industries Tony Sisto GATX Rail Corporation Joe Perez UTLX -
Sustainability Our Profile
SUSTAINABILITY REPORT 2015 OUR PROFILE Louis Dreyfus Company is a leading FUNDAMENTALS 2 merchant and processor of agricultural CEO MESSAGE: SUSTENANCE IN A SUSTAINABLE FUTURE 2 goods, leveraging its global reach and SNAPSHOT 4 extensive asset network to deliver for OUR VALUES 6 OUR ROLE: THE INDUSTRY & THE WORLD 8 its customers around the world – safely, responsibly and reliably. PILLARS OF SUSTAINABILITY 10 PEOPLE 12 Our diversified activities span the entire value chain from farm ENVIRONMENT 18 to fork, across a broad range of business lines (platforms). PARTNERS 24 Since 1851 our portfolio has grown to include Oilseeds, Grains, COMMUNITY 30 Rice, Freight, Finance, Coffee, Cotton, Sugar, Juice, Dairy, Fertilizers & Inputs and Metals. We help feed and clothe some 500 million people every year PLATFORMS’ INSIGHT 34 by originating, processing and transporting approximately PALM 36 81 million tons of commodities. In our efforts to help sustain a JUICE 38 growing global population we rely on our worldwide presence, responsible practices, sophisticated risk management and COFFEE 40 in-depth market knowledge. COTTON 42 The commitment of our employees is essential to those efforts, SOYBEANS 44 which is reflected in their ownership of approximately 10% of the Group. Our diversified approach generated US$55.7 billion in net sales supported by a US$3.9 billion asset base for the LOOKING AHEAD 46 year ended 31 December 2015. Unless otherwise indicated, “Louis Dreyfus Company”, “LDC”, “Group”, “Louis Dreyfus Company Group” and related terms such as “our”,“we”, etc. used in this Sustainability Report mean the Louis Dreyfus Company B.V. Group. 1 FUNDAMENTALS CEO MESSAGE: SUSTENANCE IN A SUSTAINABLE FUTURE 2015 has been a year of change for agribusiness and for Louis Dreyfus Company.