REGINA: Viterra Inc., the Canadian grain handler owned by Glencore Plc, agreed to buy the largest oilseed-processing plant in eastern Canada for $190 million to triple crushing capacity.
The Becancour, Quebec, plant on the St. Lawrence Seaway can process 1.05 million metric tons of canola and soybeans a year, Regina, Saskatchewan-based Viterra said in a statement. Canada is the world’s top canola producer.
Viterra Chief Executive Officer Kyle Jeworski said in a telephone interview that the company will acquire the shares of Twin Rivers Technologies Holdings Entreprises De Transformation De Graines Oleagineuses Du Quebec Inc., or TRT-ETGO, owned by Felda Global Ventures Holdings, a unit of the Federal Land Development Authority of Malaysia. Viterra also owns a canola- processing plant in Ste. Agathe, Manitoba.
The acquisition “really compliments and adds a lot of scale to our crush capabilities,” Jeworski said. By more than tripling capacity, the deal puts the company among the three-biggest processors in Canada with Bunge Ltd. and Cargill Inc., he said.
The company is focused on integrating operations at the facility and is not looking for further acquisitions in Canada at this point, Jeworski said.
