CWB acquires grain handling assets
Nov. 26, 2013, Edmonton, AB - The former Canadian Wheat Board has reached a deal to bolster grain shipments through the East Coast in a move that will help pave the way toward its privatization.
CWB says it will buy all shares of Mission Terminal, Les Elevateurs des Trois-Rivieres, and Services Maritimes Laviolette from Upper Lakes Group Inc.
CEO Ian White says the purchase is a first step in securing CWB a stronger position in the grain marketing supply chain.
He says it will let the marketing agency source grain directly from farmers in Western Canada and move it right on to ships docked on the East Coast.
The purchase price was not disclosed.
The CWB says the deal is to be completed by Dec. 31 and is a critical step as it transitions toward an operating model independent of the federal government.
November 27, 2013 By The Canadian Press