CWB, formerly the Canadian Wheat Board, announced that it has reached an agreement to purchase all of the issued and outstanding shares of Mission Terminal, Les Elevateurs des Trois-Rivieres and Services Maritimes Laviolette from Upper Lakes Group Inc.
This strategic purchase provides CWB with the advantages of an eastern port and positions CWB as the largest east coast shipper of producer cars from western Canada.
These acquisitions provide the starting point for a network of strategic grain handling assets for CWB-marketed grain and are another critical step in CWB's strategy to transition towards an operating model independent of the government.
"The agribusiness landscape is evolving quickly, and the purchase of these companies is a first step in building and securing CWB a strong position in the grain marketing supply chain," CWB president and chief executive officer Ian White said. "The flexible, efficient handling and transportation operations of Mission Terminal will let CWB source grain directly from farmers and move it right on to the ships docked at the East Coast."
Mission Terminal's head office is located in Winnipeg, Man. The company sources and markets grain such as wheat, durum, barley, canola, rye, flax, peas and oats as well as industrial products, for customers around the globe. It operates handling facilities both in western Canada and Thunder Bay, Ont.
Mission Terminal Thunder Bay, located at the mouth of the Mission River, has a licensed storage capacity of 136,500 metric tons and handles approximately 1.5 million mt annually.
Les Elevateurs des Trois-Rivieres is a receiving, storage and loading facility located in Trois-Rivieres, Que., with a storage capacity of 110,000 mt of grain, 78,000 mt of alumina and 20,000 mt of coke. It can receive grain by ocean ship, laker, rail or truck and is one of the few facilities able to unload vessels up to Panamax size.
The purchase is scheduled to be completed on Dec. 31.