WESTWAY Group announced Jan. 7 that it had completed the divestiture of its liquid feed supplement business and several liquid storage terminals to ED&F Man Holdings for $112 billion.
Westway announced the proposed sale of the liquid feed business to ED&F Man, Westway's largest stockholder, last June (Feedstuffs, June 18, 2012). As part of the transaction, ED&F Man will acquire storage terminals in Ireland, Denmark, South Korea and the U.K.
The liquid feed business, known as Westway Feed Products, is the largest producer of liquid feed supplements in North America, reporting a 2011 volume of 1.8 million tons. In addition to its U.S. and Canadian business, the division operates in 31 locations around the globe.
Westway announced in late 2011 that it would explore possible strategic alternatives for the company as a whole because it felt that its businesses were "undervalued;" those alternatives included the sale of the liquid feed business, as well as the possible sale of its foreign terminals (Feedstuffs, Dec. 26, 2011).