|By Marketwired .||
|December 28, 2013 03:31 PM EST||
REGINA, SASKATCHEWAN -- (Marketwired) -- 12/28/13 -- Viterra Inc. ("Viterra"), Canada's grain industry leader, is pleased to announce that it has reached an agreement to purchase certain assets of Lethbridge Inland Terminal Ltd. ("LIT"), including a high throughput grain elevator with a capacity of 42,000 metric tonnes.
LIT's Board of Directors are unanimously recommending its shareholders approve the transaction with Viterra. An information circular was mailed to shareholders on December 23, 2013 containing further details. The deal is also subject to certain closing conditions, including regulatory approvals and the approval by LIT shareholders.
Kyle Jeworski, Viterra's President and CEO for North America said, "This high quality terminal is ideally located and an excellent fit in our overall asset network. We look forward to LIT employees, as part of the Viterra team, providing area customers with expert advice and quality service, as well as ample marketing opportunities for the diverse range of commodities grown in Southern Alberta. This further builds on our commitment to the Province of Alberta and the grain industry in Western Canada, and is the latest in a series of investments we've announced over the last several months."
Darcy Heggie, LIT's President and Chairman said, "The Board of Directors and staff of LIT are very proud of what we have been able to accomplish in a relatively short amount of time in a very competitive and mature southern Alberta marketplace."
Norman Fodness, LIT's CEO added, "We are very confident that Viterra will continue to offer a strong and progressive service model which shareholders and customers of LIT have come to depend on over the past few years."
In November, Viterra announced it is spending over $34 million in Alberta through an expansion and upgrade to its facility in Grassy Lake, as well as building a high throughput terminal in Grimshaw.
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 nearly 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 the Agricultural Business Segment of Glencore.
Lethbridge Inland Terminal Ltd. is a southern Alberta producer-owned and controlled grain handling company with a facility located immediately south of Lethbridge. LIT has a shareholder base of approximately 150 southern Alberta farmers including a number of Hutterite Colonies as well as large corporate and small to medium sized family farms. These investors represent over 1.5 million acres of irrigated and dryland production. Please visit www.literminal.ca for more information on LIT.