Central Soya Exec Resigns To Lead Buyout of Division
FORT WAYNE, Ind. (AP) _ Central Soya’s top executive has resigned to lead a management buyout of the company’s North American animal-feed business for an undisclosed amount.
David H. Swanson resigned Wednesday his positions as chairman, president and chief executive, and was replaced in all three posts by Carl Hausmann, vice president of Continental Grain Co.’s South American Division.
Central Soya’s parent company, France’s Eridania Beghin-Say, has approved the offer from Swanson’s investment group and expects the deal to close this fall, Soya spokesman Barry Collinsworth said Thursday.
The feed business accounted for about $700 million of Central Soya’s $2 billion in annual revenue last year.
The Italian company Ferruzzi Finanziaria SPA owns about 52 percent of Eridania Beghin-Say.