Viterra has an agreement to buy assets of Lethbridge Inland Terminal Ltd. (LIT) including the high throughput grain elevator with a capacity of 42,000 tonnes.
The terminal’s board of directors unanimously recommends shareholders approve the transaction with Viterra.
An information circular was mailed to shareholders on Dec 23, containing details. The deal is subject to certain closing conditions, including regulatory approvals and the approval by LIT shareholders.
“This high quality terminal is ideally located and an excellent fit in our overall asset network,” said Kyle Jeworski, Viterra’s president and chief executive for North America, in a news release.
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Darcy Heggie, LIT’s president and chairman said, “The board of directors and staff of LIT are very proud of what we have been able to accomplish in a relatively short amount of time in a very competitive and mature southern Alberta marketplace.”
LIT opened in 2008 and cost about $23 million
Jeworski said if the deal meets all conditions, LIT employees will become Viterra staff and will provide area customers with expert advice and quality service, as well as ample marketing opportunities for the diverse range of commodities.
LIT has a shareholder base of about 150 southern Alberta farmers, including several Hutterite colonies as well as large corporate and small to medium sized family farms. These investors represent more than 1.5 million acres of irrigated and dryland production, said the news release.
In November, Viterra announced it is spending over $34 million in Alberta through an expansion and upgrade to its facility in Grassy Lake, as well as building a high throughput terminal in Grimshaw.
