Viterra has bought up the other half of a U.S. joint-venture grain terminal the company helped build in its SaskPool days.
The Regina-based grain handling arm of commodity firm Glencore announced Thursday it has closed a deal to buy U.S. food processor General Mills’ 50 per cent stake in the two companies’ grain terminal at Northgate, N.D.
Viterra didn’t disclose any terms of its deal with General Mills Thursday, other than to say the sale has already “received all necessary approvals.”
“We’re pleased to take on full ownership of this facility, and to continue building our presence in the U.S.,” Kyle Jeworski, Viterra’s CEO for North America, said in a release.
The two companies’ joint venture dates back to 1997, when they agreed to build the terminal at Northgate, just south of the Canada-U.S. border and about 60 km southeast of Estevan, Sask.
Saskatchewan Wheat Pool, as Viterra was then known, was in its first year as a publicly traded company and in the midst of an aggressive capital spending plan to build higher-capacity inland terminals on the Prairies.
The Northgate terminal, which opened in November 1998, was expected to be a “key marketing facility for north- and southbound grains, particularly oats, as changes occur in market dynamics, the rail regulatory framework and global market demand,” the company said at the time.
During fiscal 1999, the steel bin terminal moved over 45,000 tonnes of grain, SaskPool said at the time.
Viterra’s assets in North Dakota today also include special crops facilities at Minot and at Ray, about 150 km west of Minot. The company in 2017 also bought Gavilon Grain’s former Peavey Co. grain elevator at Grand Forks. — Glacier FarmMedia Network