Viterra Enters into Asset Purchase Agreement with Gardiner Dam Terminal Ltd. - Viterra Enters into Asset Purchase Agreement with Gardiner Dam Terminal Ltd. - Canada
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FOR IMMEDIATE RELEASE
November 16, 2018
Viterra Enters into Asset Purchase Agreement with Gardiner Dam Terminal Ltd.
REGINA, SK – Viterra Inc. (“Viterra”) today announced that it has entered into an asset purchase agreement with Gardiner Dam Terminal Ltd. (GDT) to purchase its 50% interest in the grain handling facility at Strongfield, SK. Viterra currently holds the other 50% ownership interest, and to date, has been operating the facility with GDT under a joint venture agreement.
“We are pleased to be working towards full ownership of the grain handling facility at Strongfield and look forward to integrating it into our world class network of assets,” said Kyle Jeworski, Viterra’s President and CEO for North America. “Through our agreement with GDT we have been proudly serving local customers for the last several years, and we look forward to building on these relationships by continuing to provide a high level of service and connecting them to global markets.”
Further, current employees at the grain handling facility will be offered the opportunity to join Viterra’s team, allowing farm customers to work with the same people at the elevator.
A separate asset purchase agreement has been reached with GDT AgServices that will see Riverbend Co-operative Ltd. take ownership of the crop input locations at Broderick, Strongfield and Tullis, SK, with employees of those facilities being offered the opportunity to join the Riverbend Co-operative team allowing continuity for customers.
The agreements are subject to customary closing conditions, including shareholder approval at a special meeting scheduled for December 13, 2018. If these conditions are met, the transaction is expected to close on December 19, 2018.
Viterra is Canada's grain industry leader, supported by the expertise of its people, a superior network of assets, and unrivalled connections to world markets. Headquartered in Regina, Saskatchewan, our commitment to agriculture goes back over 100 years, partnering with farmers to market and move their crops to areas of need around the world. Our continued focus on operational excellence throughout North America allows us to efficiently handle, process, distribute and transport grains and oilseeds. We provide further value to our partners through a wide variety of contracting and risk management tools to help them realize the full potential of their crops. For more information on Viterra in North America, please visit www.viterra.com. Viterra is part of Glencore Agriculture, a global market leader in originating, handling, processing and marketing agricultural commodities.
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