Ceres Global Ag Corp has completed the sale of its Port Colborne facility in Ontario, Canada, to London Agricultural Commodities (LAC) for US$4M on 17 February.
The majority of the export grain elevator is used to store and handle corn, soyabeans, wheat and other products for LAC, according to a 22 February World Grain report.
LAC president Richard Smibert said the move to take ownership of a facility it had previously leased would allow LAC to efficiently plan for more internationally-bound cargo shipments.
Ceres is headquartered in Minneapolis, USA, and - together with its affiliated companies - operates 11 locations across Saskatchewan, Manitoba and Minnesota with an aggregate grain and oilseed storage capacity of approximately 29M bushels, according to a company press release on 22 February.
“The sale of the Port Colborne facility further enhances Ceres’ strategic partnership with LAC and aligns with our long-term strategy of optimising our footprint around our core products and the locations where we operate,” said Ceres CEO Carlos Paz.
Ceres sources, stores, transports and markets agricultural and energy commodities produced in North America including oilseeds and grains. It has a 50% interest in Savage Riverport (a joint venture with Consolidated Grain and Barge Co); a 50% interest in Berthold Farmers Elevator (a joint venture with The Berthold Farmers Elevator Company); a 50% interest in Farmers Grain (a joint venture with Farmer's Cooperative Grain and Seed Association); a 50% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp); a 25% interest in Stewart Southern Railway (a 130km short–line railway located in southeast Saskatchewan); and a 17% interest in Canterra Seed Holdings (a Canada–based seed development company).
