ST. LOUIS, MISSOURI, US — Farmers’ Rice Cooperative, a grower-owned rice marketing cooperative with corporate offices located in Sacramento, California, US, has reached an agreement to acquire the Woodland, California, US, rice mill of Bunge Ltd. Financial terms of the transaction were not disclosed.
The completion of the sale is subject to customary closing conditions and is expected to be finalized by the end of 2020.
According to Sosland Publishing Co.’s 2020 Grain & Milling Annual, the Woodland rice mill, operating as Pacific International Rice Mills, LLC, has capacity of 7.5 million cwts. The mill produces a variety of products, including medium grain, broken rice, brown rice flour, milled rice products, rice bran, rice byproducts, rice flour, stabilized rice bran, white milled rice and white rice.
“As part of our portfolio review, we determined that this mill has limited connections to Bunge’s broader value chains,” said Gregory A. Heckman, chief executive officer of Bunge. “We will work closely with the new owners to make the transition as smooth as possible for employees and customers.”
Farmers’ Rice Cooperative owns and operates two mills that are located on a 26-acre industrial site adjacent to the Port of Sacramento, in West Sacramento, California, US. With both mills online simultaneously, the combined output is approximately 2,000 cwts (paddy basis) per hour, according to Farmers’ Rice Cooperative.