Agricore to buy Continental's North American pulse business
February 01, 1999
by Teresa Acklin
NEW YORK Agricore Cooperative Ltd. recently announced an agreement to purchase the North American pulse business of Continental Grain Co. The transaction is expected to be completed in the first quarter of 1999.
“We view this transaction as a very positive move for Continental and Agricore, in keeping with growth strategies of both businesses, and it will ultimately benefit the pulse producers and consumers served by the marketing and processing facilities,” said John Bartsch, general manager of Continental's North American pulse business.
As part of the agreement, Agricore will acquire Continental's processing facilities at Carman, Manitoba, Canada, and Ray, North Dakota, U.S., as well as the pulse marketing offices at Carman; Minneapolis, Minnesota, U.S.; and Lewiston, Idaho, U.S. All assets will operate under the Agricore name, which has five Bean and Special Crops Business Units in Alberta, and one facility in Minneapolis. The sale of New York-based Continental's North American pulse business comes on the heels of the company's November decision to sell its worldwide commodity marketing business to Cargill, Inc., Minneapolis.
Agricore is a new organization established last August as a result of a merger of the Alberta Wheat Pool and Manitoba Pool Elevators.