CHICAGO — Verax Commodities LLC on Jan. 24 said it has begun sugar trading, processing, and distribution activities as the newest entrant to the North American sugar market with headquarters in Chicago and regional offices in Houston and Mexico City.  

Verax’s initial investor group, each with extensive experience in US and international sugar markets, also reached an agreement to acquire the operations of Chicago-based Pullman Sugar as part of the rollout and first phase of the new venture. Established in 2006, Pullman Sugar LLC owns large-scale industrial liquid sucrose production capacity, warehousing and transportation assets in Chicago, as well as bulk handling, sugar packaging and powdered sugar manufacturing capabilities in Houston. Verax said its initial structure generates the required synergies and scale between its trading platform and asset-based/value-added transformation infrastructure to successfully service growing sugar needs across the United States, Mexico, and adjacent regional sugar markets.

Verax’s board of directors has appointed Mario A. Tobón, a 15-year veteran in the North American sugar market, as president and chief executive officer. Tobón has held executive and senior trading roles with major sugar trading and food manufacturing companies during his career, most notably with London-based global merchant ED&F Man and Switzerland-based Barry Callebaut AG. He brings an impressive track record and focus within the USMCA and South American sugar markets.

“I am extremely humbled and excited to lead this amazing new venture,” Tobón said. “Verax has attracted a complete team of talented individuals, visionary investors and engaged stakeholders, all bringing specialized expertise. Together, we will position Verax to become an ideal commercial partner to those food companies seeking to transform their way of doing business within the sugar industry.”Pedro L. Figueroa, vice president of sales (USA) at VERAX. 
Source: VERAX Commodities 

Verax also named Pedro L. Figueroa as the company’s vice president of sales (USA). Figueroa joined the executive management team on Jan. 15, responsible for the company’s long-term commercial growth strategy, business development and execution. Figueroa begins his 30th year in the sugar trade, highlighted by a five-year stint as vice president of sales and marketing at Michigan Sugar Co., vice president/international at ASR Group, and 16 years with ED&F Man’s Americas trading office in Miami, heading the US white sugar desk.

“I am honored by Verax’s trust and confidence as I join the team in this important capacity,” Figueroa said. “The North American sugar market continues to evolve exponentially, bringing cross-border opportunities to service a very sophisticated customer-base, where supply chain reliability, food safety, product quality and a customer-focused approach are paramount. Verax’s global reach and deep market know-how, combined with in-house transformation capabilities in the US will allow us to service important needs in deficit areas and with sugar products that continue to show strong market demand.”

Upon the closing of the Pullman Sugar transaction, Brandon Boomsma, president of Pullman, will join Verax as chief strategy officer.

“I am excited about the future and our world-class team at Verax,” Boomsma said. “The combination of Pullman’s production operations with Verax’s trading platform is a natural step in Pullman’s evolution.”