Glencore-owned Viterra has finalised its stock purchase agreement to acquire the grain and ingredients business of Gavilon Agriculture Investment for $1.1 billion.
Headquartered in Omaha, Nebraska, Gavilon stores and distributes grains and oilseeds, as well as feed and food ingredients, to domestic and global markets. Gavilon’s assets span areas of the US, with access to railroads, rivers and ports.
“Gavilon’s business has all the key attributes that support our long-term strategic plan, and allows us to provide additional value to our customers at origination and destination,” said David Mattiske, chief executive officer of Viterra Limited.
News of the proposed acquisition was first heard of at the beginning of the year, with the transaction being subject to customary closing and regulatory conditions.
Mattiske added: “This acquisition further strengthens our global network by providing us with a material presence in every major exporting region and makes us one of the largest origination businesses in our industry. It gives me great pleasure to welcome Gavilon’s employees to the Viterra team.”
Effective immediately, Viterra will integrate Gavilon into its global network and is expected to implement the Viterra brand across the business in early 2023.
The acquisition will be subject to certain price adjustments, as well as working capital.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial