MINNEAPOLIS — Increasing its oilseeds community, Cargill has entered a definitive settlement to accumulate Owensboro Grain Firm, LLC, a fifth-generation family-owned soybean processing facility and refinery situated in Owensboro, Ky.
Phrases of the deal, which was introduced Nov. 28, weren’t disclosed. The transaction, which has been permitted by the boards of administrators of Cargill and Owensboro Grain Co., is topic to regulatory approvals and different customary closing circumstances and is predicted to shut in early 2023.
The addition of Owensboro Grain Co. enhances Cargill’s efforts to modernize and improve capability throughout its North American oilseeds community to assist rising demand pushed by meals, feed and renewable gasoline markets.
“We’re happy to welcome Owensboro Grain Co. into our Cargill household,” mentioned Leonardo Aguiar, president of North American Agricultural Provide Chain at Cargill. “Our two corporations have large operational histories, related heritages as grain retailers, and values, together with an unwavering dedication to prioritizing individuals — making this an incredible match.
“Moreover, it is a important milestone in Cargill’s journey to create a linked and modernized grain expertise for our prospects.”
Owensboro Grain Co. was based in 1906 as a small grain service provider and at the moment operates a totally built-in soy processing facility, producing soy merchandise, together with protein meal and hull pellets for animal feeds, crude and degummed oil, lecithin, numerous blends of refined vegetable oil for human consumption, biodiesel, glycerin, and industrial waxes. Sourcing from a number of states, the corporate crushes greater than 100,000 bus of soybeans day by day.
“Cargill has the flexibility to capitalize on rising alternatives within the business, similar to renewable power,” mentioned Helen Cornell, president and chief govt officer of Owensboro Grain Co. “The acquisition will be sure that Owensboro Grain Co., its staff, farmers, prospects and the group are greatest positioned for the long run. We’re excited to switch possession to a different multi-generational family-held enterprise with international entry to markets and capabilities to make sure the long run development of our enterprise.” Source