USA – EGT, LLC, a joint venture between Bunge North America and ITOCHU, announced that it has purchased a grain elevator in Sidney, Montana from Busch Agricultural Resources, LLC, a division of A-B InBev, N.V. for an undisclosed amount.
According to EGT, the Sidney elevator has access to the Burlington Northern Sante Fe railroad which serves the Longview terminal and can handle inbound and outbound trucks.
As part of the transaction, EGT intends to keep the employees from the acquired facility.
The Sidney facility was built in 2003 and has 1.4 million bushels of storage.
“Purchasing the Sidney elevator strengthens our origination capability in support of our export terminal in Longview, Wash.,” said Adam Johnson, president & CEO, EGT. “The facility is located in a key draw area for wheat, particularly spring wheat, which is experiencing increasing demand.”
“We are excited to be in the Sidney area and have plans to begin expanding the facility’s speed and capabilities immediately.
“We look forward to providing growers efficient service from day one.”
The facility complements EGT’s other elevators in Chester, Kintyre Flats and Tunis, Montana.
The company owns and operates a state-of-the-art export grain terminal at the Port of Longview, Washington as well as three facilities in Montana designed to supply the export terminal.
Bunge, Archer Daniels Midland Cargill and Louis Dreyfus recently announced that they are considering a platform to increase transparency and efficiency in global grain trading using blockchain technology.
This aims to develop merging digital technologies such as blockchain and artificial intelligence options that seeks to improve global agricultural commodity value chain through proper resource and time management in various processes.
In the third quarter ended September 30, Bunge reported US$365 million in net income attributed to strong earnings in grains and soybean crush.