13 de May de 2026
FS and AMAGGI sign Strategic Agreement
FS and AMAGGI have just signed an agreement bringing together one of the leading ethanol producers in Brazil and the country’s largest Brazilian-owned grains and fibers company. The transaction — through which AMAGGI acquires a 40% stake in the share capital of FS — was filed today with the Brazilian Antitrust (Cade) and its completion remains subject to approval by Brazilian antitrust authorities.
With roots in the state of Mato Grosso, both FS and AMAGGI share a trajectory marked by innovation, sustainable growth and leadership within the agricultural value chain. Founded with a focus on the production of biofuels and animal nutrition from corn, FS pioneered 2nd crop corn ethanol production in Brazil and played a leading role in the development of the sector, while also establishing itself as a benchmark for efficiency, innovation and sustainability.
AMAGGI, which celebrates its 50th anniversary next year, has become the largest fully Brazilian-owned company in the soybean, corn and cotton value chain. The company operates in agricultural production, exports, industrial processing, logistics, energy generation and trading, financial products and services, agricultural inputs, biodiesel production, among several other agribusiness activities. The company is also recognized as a sustainability leader, with several international recognitions and has leading position in global sustainability rankings.
CONVERGENCE
The transaction also symbolizes the convergence between major shareholders, bringing together the expertise of the American group Summit Agricultural Group and AMAGGI, whose origins are tied to the Maggi family, one of the great pioneers of agriculture in Mato Grosso. The agreement reinforces the strategic alignment and long-term commitment to the development of Brazilian agribusiness.
“I am confident in what we are building together, especially in the alignment of values, the long-term vision and the execution capabilities that underpin this transaction. May this be the first of many achievements yet to come,” said Blairo Maggi, shareholder and one of the founders of AMAGGI.
According to Bruce Rastetter, shareholder and founder of Summit Agricultural Group, the agreement brings together two companies with strong synergies in the way they operate. “Summit has always strived to be a leader in renewable fuels in both the U.S. and Brazil. With AMAGGI joining as a partner in FS, we’re combining complementary strengths and strategic vision. We look forward to working with the entire AMAGGI team to build on the tremendous success we’ve achieved at FS.” Justin Kirchhoff, CEO of Summit, added “We brought the world’s best technology to Brazil and built the lowest-carbon fuel producer in the world at scale. We look forward to partnering with AMAGGI to take FS to the next level.”
VERTICALIZATION
The partnership aims to support FS’s growth and capture relevant synergies in strategic areas, including corn origination, logistics optimization and exports, further strengthening the competitiveness of both organizations. For AMAGGI, the transaction represents a continuation of its strategy to industrialize and vertically integrate its operations, contributing to the increasing diversification of its business portfolio.
“The partnership with AMAGGI marks a very important moment for FS, given the opportunities for expansion of this industry in Brazil and the need to decarbonize large global transportation sectors. Combining our experience and innovation capabilities focused on reducing carbon intensity with AMAGGI’s strong presence and structure within this production chain will significantly strengthen our competitiveness,” said Rafael Abud, CEO of FS.
“We have been studying our entry into this sector for several years, and the choice to partner with FS reinforces our commitment to innovation, sustainable development in the agricultural sector and the company’s decarbonization goals. We have expanded our presence across the grain value chain on several fronts through both proprietary investments and partnership investments, so I believe this investment in corn ethanol will also deliver excellent results,” said Judiney Carvalho, CEO of AMAGGI.
About FS – FS was the first company to produce ethanol exclusively from corn in Brazil, and its business vision is to become the world’s largest carbon-negative fuel company. Since starting operations in 2017, the business has grown more than tenfold and is currently undergoing a new expansion cycle. The company’s net revenue reached R$ 12.8 billion over the 12 months ending in December 2025, corresponding to the third quarter of the 2025/2026 crop year. The company processes more than 6 million tons of corn per crop year and produces 2.6 billion liters of ethanol and 2.2 million tons of DDG (corn protein for animal nutrition). The biofuel produced by FS already has the world’s lowest carbon footprint, and the company continuously works to reduce it further.
About AMAGGI – Founded in 1977, AMAGGI is the largest Brazilian-owned grains and fibers company. Present across several stages of the agribusiness value chain, the company operates in the agricultural production of grains, fibers and seeds, grain origination, processing and trading, agricultural inputs, as well as river and road transportation, port operations and renewable electricity generation and trading.
Headquartered in Cuiabá (MT), AMAGGI operates in all regions of Brazil, with farms, warehouses, offices, factories, river and road fleets, port terminals and hydroelectric power plants. Internationally, the company has operations and offices in Argentina, China, the Netherlands, Norway, Switzerland, Singapore and Panama.
The company trades approximately 24.7 million tons of grains and fiber worldwide, of which 1.7 million tons are produced on its own farms and maintains commercial relationships with approximately 5,600 rural producers.
