Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky.
The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.
Founded in 1906, Owensboro Grain Company serves a variety of markets, producing lecithin and blends of refined vegetable oil for the food industry, alongside a range of other soy products.
Leonardo Aguiar, president of Cargill’s North American agricultural supply chain, said: “We are pleased to welcome Owensboro Grain Company into our Cargill family. Our two companies have tremendous operational histories, similar heritages as grain merchants and values, including an unwavering commitment to prioritising people – making this a tremendous fit.
“Additionally, this is a significant milestone in Cargill’s journey to create a connected and modernised grain experience for our customers.”
Helen Cornell, president and CEO of Owensboro Grain Company, commented: “We are excited for this new chapter in the life of Owensboro Grain Company and believe an acquisition by Cargill will ensure the long-term success of the company. Cargill has the ability to capitalise on growing opportunities in the industry, such as renewable energy.”
Cornell added: “The acquisition will ensure that Owensboro Grain Company, its employees, farmers, customers and the community are best positioned for the future. We are excited to transfer ownership to another multi-generational family-held enterprise with global access to markets and capabilities to ensure the future growth of our business. Cargill has the global resources necessary to support Owensboro Grain Company’s growth goals and operations.”
The terms of the deal were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2023.
By Gwen Jones
Source: foodbev.com
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