January 3, 2013
Growmark to acquire B-G Fertiliser, LLC shares
Press release
Growmark, Inc. announced it has agreed to purchase Bunge North America''s interest in B-G Fertiliser, LLC.
B-G Fertiliser, LLC owns and operates the former CF Industries terminal located in Cincinnati, Ohio to serve the needs of retail customers that provide fertiliser to farmers. Terms of the transaction were not disclosed.
"We have had a great working relationship with Bunge during the past two years," said Jim Spradlin, Growmark Vice President, Agronomy. "The Cincinnati terminal has brought value to the dealers in the areas it serves and we look forward to continue providing the outstanding customer experience for which the team at Cincinnati is known."
Growmark and Bunge also announced that the former will lease the latter''s fertiliser assets located in Council Bluffs, Iowa and Fulton, Illinois. These facilities will be incorporated into the current Growmark portfolio to expand the cooperative''s scope and reach.
"We are pleased to announce the additions of Council Bluffs and Fulton to our existing terminal portfolio," said Rod Wells, Growmark Plant Food Division Manager. "There are exciting opportunities at each facility to capitalise on truck transportation to their associated grain terminals in the form of back hauls. This should provide efficient sourcing opportunities for area retailers. The Council Bluffs facility, in particular, is new construction and state of the art. We look forward to serving the dealer network from these two locations."
"Bunge realised benefits from our North American fertiliser business including our investment in B-G Fertiliser, but have decided to focus our investments in our other lines of business," said Bailey Ragan, vice president, Grain, Biofuels and Fertiliser for Bunge North America. "We look forward to continuing our strong relationship with Growmark through the lease of our terminals in Council Bluffs and Fulton."
Growmark is a regional agricultural cooperative based in Bloomington, Illinois and is owned by local member cooperatives and provides those cooperatives and other customers with fuels, lubricants, plant nutrients, crop protection products, seed, structures, equipment, and grain marketing assistance.