MIAMI (Reuters) — Cargill Inc., one of the world’s largest privately held corporations, will likely remain private for at least another decade, its chief executive officer said as he assessed challenges facing the 150-year old company.
David MacLennan, who has led Cargill for the past 13 months, also revealed that unrest in Ukraine had affected plans for the company’s expansion in the Black Sea, a key grain-producing region. In the United States, he said new financial reform rules have made it harder for Cargill to manage risk.
MacLennan’s comments at a commodities conference in Miami gave rare insight into the company, a leading U.S. grain exporter, biofuels producer, food processor and energy trader.
The families who own Cargill leave the “vast majority” of their profits in the company to improve infrastructure and make acquisitions, and they want it to stay private, he said in a speech.
“I don’t see public ownership coming anytime soon.”