CWB, PWT deal done

CWB is now the sole owner of Prairie West Terminal Ltd. near Plenty, Sask., but PWT customers will not see immediate changes.

From the farmer’s perspective, it will be business as usual, says CWB’s chief strategy officer, Dayna Spiring.

“There aren’t any immediate changes planned,” Spiring said.

“The CWB is acquiring PWT … but we are not planning on making any changes … (and) we are keeping all of the employees….

“We’ve got a lot to learn from PWT. We’re really excited about the opportunity and alternatively, we think that they can learn a lot from our trading staff as well ….”

CWB announced June 6 that the deal to acquire PWT has been complete.

The announcement followed a May 30 meeting at which PWT shareholders voted 99.5 percent in favour of the transaction.

The $43 million deal includes a modern concrete elevator near Dodsland, Sask., and four wooden elevators at Kindersley, Luseland, Plenty and Dodsland.

Together, the facilities include more than 78,000 tonnes of storage, a high capacity grain cleaning line, high throughput dryer, colour sorters and high throughput rail loading.

CWB had been a minority shareholder in PWT prior to the deal. It owned roughly 12 percent of PWT’s outstanding shares while Mission Terminal Inc., a wholly owned subsidiary of CWB, owned another 2.1 percent.

The June 6 deal will allow another CWB subsidiary, CWB Subco., to acquire the remaining 85.8 percent of outstanding PWT shares at a price of approximately $2,100 per share.

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