Ceres Global Ag to Sell Manitowoc, WI Grain Storage Facility to Briess Malt and Ingredients
Date Posted: March 21, 2014
Toronto, ON—Ceres Global Ag Corp. March 20 announced that its 100% owned subsidiary, Riverland Ag Corp (“Riverland”), has entered into an agreement to sell its Manitowoc, Wisconsin grain storage facility to Briess Malt and Ingredients Company of Chilton, Wisconsin.
The transaction is expected to close before the end of Ceres’ next quarter.
“This is a key milestone in our plan to transform Riverland into an active grain trading and merchandising company, while optimizing Riverland's grain elevator capacity through selective asset sales,” said Michael Detlefsen, President and CEO of Ceres.
“It is also a critical step in re‐allocating capital to fund the Northgate Project.”
Gross proceeds from the sale of the Manitowoc facility will be $6.2 million.
Under the terms of the sale, Ceres, through Riverland, will lease back from Briess one million bushels of storage capacity at Manitowoc for a three‐year term.
“Riverland’s strategic partnership with Briess Industries is further enhanced with the sale of Manitowoc and Riverland will continue to serveits Wisconsin & Illinois grain customers from leased space at the facility,” said Craig Reiners, President and CEO of Riverland Ag.
For more information, call 416-572-7631.