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Viterra buys U.S. grain processor 21st Century Grain for $90.5 million
28.05.2010 10:29 "Agro Perspectiva" (Kyiv) —
Agricultural products company Viterra Inc. (TSX:VT) has agreed to buy 21st Century Grain Processing, a U.S.-based processor of oats, wheat and custom-coated grains for US$90.5 million in cash.
Viterra said Thursday that 21st Century Grain fits into its strategy of holding diversified businesses across the spectrum of the agricultural industry from grain handling and supply to processing capability.
«We are pleased to have reached this agreement with 21st Century Grain Processing, which has established an excellent reputation in the industry for providing healthy, high quality, grain-based food ingredients,» Viterra senior vice-president Karl Gerrand said in a statement.
«Its operational focus aligns well with our processing segment, creating opportunities to better serve our customers by optimizing our logistics and realizing production efficiencies.»
21st Century Grain operates an oat mill in South Sioux City, Neb., and a facility that mills wheat near Amarillo, Texas. The deal will be subject to adjustments for debt, cash and working capital levels at closing.
The Nebraska facility can store four million bushels and process up to 295 metric tonnes of commercial oat products a day. It also makes coated grains and clusters used in foods such as granola bars and ready-to-eat breakfast cereals and snack foods.
The Texas wheat mill can store three million bushels and process up to 225 metric tonnes of flour per day.
Shares in Viterra were up 29 cents or 3.8 per cent at $7.93 in early trading on the Toronto Stock Exchange.
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