Viterra will take ownership of Lethbridge Inland Terminal Feb. 28 after shareholders voted overwhelmingly to sell the terminal to Viterra.
Norman Fodness, LIT chief executive office, said 99.8 percent of the 89.9 percent of the shareholders represented in person or proxy voted in favour of selling Jan. 17.
“Our board of directors unanimously recommended the sale, and the shareholders agreed with the transaction,” said Fodness.
“It was an excellent turnout. Obviously people agreed with the board and that’s what happened.”
A purchase agreement for the 42,000-tonne grain facility was reached with Viterra in December.
LIT is Alberta’s second largest farmer-owned grain terminal. It is located on 220 acres 20 kilometres southeast of Lethbridge near the junction of highways 4 and 845 on a main rail line to the United States. It was built in 2008 for an initial capital investment of $23 million.
For details, see the Ag Finance section of The Western Producer Jan. 23.
