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Cargill plans food, beverage exchange

Published on .

San Diego--Food supplier Cargill Corp. has revealed plans to open a marketplace for manufacturers of food and beverage products. Called Novopoint.com, the site is the latest in a series of trading exchanges to crop up in recent weeks. Cargill, Minneapolis, said it would use software from Ariba Technologies to run the site, which is scheduled to launch by September. Cargill said it would concentrate on relationships among companies that sell such ingredients as oil, sugar, food colorings, packaging, chemicals and freight services. The move comes amid buzz that Coca-Cola Co. is closing in on the launch of a similar portal, or a partnership with an existing trader. Cargill is working with venture capital firm Crosspoint Venture Partners, Woodside, Calif., to create Novopoint.com. Cargill and other major food-industry companies joining the exchange will hold the majority of equity in the new company, Cargill executives said.
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