ROTTERDAM, Netherlands, Oct. 3, 2022 /CNW/ - Viterra Limited, through a wholly-owned subsidiary, is pleased to announce that effective today it has closed its stock purchase agreement to acquire the grain and ingredients business of Gavilon Agriculture Investment, Inc. (Gavilon), a wholly-owned subsidiary of Marubeni America Corporation.
The purchase price for the acquisition is US $1.125 billion, plus working capital, and is subject to certain price adjustments.
Gavilon, headquartered in Omaha, Nebraska, originates, stores and distributes grains and oilseeds, as well as feed and food ingredients to domestic and global markets. Gavilon's assets are in major growing areas across the US, with access to major railroads, rivers and ports.
"Gavilon's business has all the key attributes that support our long-term strategic plan, and allows us to provide additional value to our customers at origination and destination," said David Mattiske, Chief Executive Officer of Viterra Limited. "This acquisition further strengthens our global network by providing us with a material presence in every major exporting region and makes us one of the largest origination businesses in our industry."
Mattiske further added, "It gives me great pleasure to welcome Gavilon's employees to the Viterra team. I look forward to a smooth integration as we work together to generate further opportunities for our employees and customers, while creating added value for our shareholders and investors."
Effective immediately, Viterra will integrate Gavilon into its global network and in early 2023 will implement the Viterra brand across the business.
At Viterra, we believe in the power of connection. Our world-leading, fully integrated agriculture network connects producers to consumers with sustainable, traceable and quality-controlled agricultural products. With more than 18,000 talented employees operating in 37 countries, our strategic network of agricultural storage, processing and transport assets enable us to offer innovative solutions and open pathways for our customers, creating successful partnerships that last. Together, we are stronger, and achieve more.
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This release contains, or incorporates by reference, statements that are, or may be deemed to be, "forward-looking statements", which are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, commitments, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. Forward-looking statements can be made in writing but also may be made verbally.
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SOURCE Viterra Inc.
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