AMES, IOWA, US — Landus, Iowa’s largest farmer-owned grain cooperative with more than 7,000 farmer owners, has begun accepting grain at a 3.4-million-bushel grain elevator in Atlantic, Iowa, US, that it acquired in late October through a public bidding process. Financial terms of the transaction were not disclosed.
The grain elevator most recently was operated by Pipeline Foods through a joint venture with ADM. Pipeline had acquired the elevator in 2018, and at that time said it planned to make capital investments in new equipment at the facility. Additionally, plans called for improvements to upgrade the elevator to test, clean, grade, dry, store and ship organic grains. Pipeline Foods earlier this summer filed for Chapter 11 bankruptcy.
“This well-maintained asset is a win for Landus farmer-owners,” said Matt Carstens, president and chief executive officer of Landus. “The facility will round out our grain and agronomy offerings in this southwestern region of our territory and open the door to improved services to local Atlantic-area farmers.”
Landus said the grain elevator is strategically positioned at the crossroads of major truck and rail routes in the heart of corn and soybean country. The elevator will enable grain shipment out of the state via the Iowa Interstate Railroad, the cooperative said. Landus currently operates a separate agronomy facility in Atlantic.
Separately, Landus has announced it plans to sell its 5.4-million-bushel elevator in Bondurant, Iowa, US. The facility sustained significant and costly derecho damage earlier this year.