Viterra to Acquire High-Throughput Grain Elevator From Lethbridge Inland Terminal
Date Posted: December 30, 2013
Regina, SKViterra 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.
For more information, call 306-569-4810.