Business & Finance
Business and Finance
Business and Finance
Fri, June 26, 2009
Thu, June 25, 2009 Viterra Inc.: Viterra Closes Purchase of Canola Crush Operation
CALGARY, ALBERTA--(Marketwire - June 25, 2009) - Viterra Inc. (TSX:VT) is pleased to announce it has concluded its purchase of the assets of Associated Proteins LP (APLP) in Ste. Agathe, Manitoba. The transaction closed today.
The acquisition includes a canola crush plant with a capacity of 1,000 metric tonnes per day, and with immediate access to major rail lines, is well situated to source raw materials domestically and supply North American healthy vegetable oil markets.
"This purchase complements Viterra's strength as a leader in canola origination and strategically positions us to meet increased domestic crush demand," said Karl Gerrand, Senior Vice-President, Food Processing Group. "It is a great opportunity for growers to access new processing markets, enhancing the value of their product."
Under the terms of the Purchase and Sales Agreement, Viterra acquired the assets of APLP for $64 million plus working capital.
Viterra Inc. is Canada's leading agribusiness, with extensive operations and distribution capabilities across Western Canada, and with operations in the United States, Japan, Singapore and Geneva. The Company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, agri-food processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between Prairie farmers and destination customers. The Company's common shares are listed on the Toronto Stock Exchange under the symbol VT.
