In December 2023, one of the largest coffee export companies, the Dutch trader Mercon filed for bankruptcy in the United States after accumulating debts of $363 million (Read: Bankruptcy of the coffee trader Mercon). Part of its assets are now taken over by Sucafina and StoneX Group.
Swiss coffee trader Sucafina is set to expand its presence in one of the world’s largest coffee-producing countries with the acquisition of Mercon Coffee Corp.’s business unit. In Vietnam. The agreement with Sucafina, which has not yet been finalized, comes during a prolonged period of volatility in coffee prices and a sharp rise in Robusta prices which have already increased by 50% this year with the drought in Vietnam.
In addition to selling Mercafe Vietnam Ltd., Mercon Coffee Corporation is also selling its U.S. specialty coffee business to commodities broker and analyst StoneX Group Inc. for $5.4 million. The acquisition includes the plant, equipment, inventory and books of Mercon Specialty, a business that involves sourcing fine coffees from producing countries and transporting the beans to the United States, where they are sold to local roasters.
This is StoneX’s second major initiative in physical commodity trading. At the end of 2022, the company acquired the cotton trader CDI-Société Cotonnière De Distribution SA, based in Lausanne and with an office in Brazil.
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