SIOUX FALLS, SOUTH DAKOTA, US — POET announced it has reached an agreement to acquire a rail-to-container grain transload facility in Savannah, Georgia, US, from Savannah Marine Terminal (SMT). Financial terms of the transaction were not disclosed.
As part of the transaction, POET would receive all equipment and real estate to operate the grain transload facility.
POET said the Port of Savannah has “geographic synergy” with several of its key global markets for its animal feed products, including Dakota Gold dried distillers grains and NexPRO, its corn fermented protein product. The facility is expected to strengthen POET’s shipping process, ensuring better traceability and transparency for customers, the company added.
“Obtaining this transload facility — optimally located in the port of Savannah — will help us better serve our customers all over the world, which is especially important as we face global supply chain challenges,” said Greg Breukelman, president of POET Bioproducts.
Victor Vanderlugt, president and chief executive officer of SMT, added, “POET has a decades-long track record of service and reliability and has been a valued customer of SMT for many years. This transaction will serve to benefit both entities in our next respective phases of growth. We also know POET takes care of its people and the communities it calls home, and we look forward to having them as a neighbor here in Savannah.”
POET is the 36th largest container shipper, exporting to more than 20 countries. It produces 3 billion gallons of bioethanol, 14 billion pounds of distillers grains, and 975 million pounds of corn oil per year.
“POET’s history is one of continual progress,” said Jeff Broin, founder and CEO of POET. “Our business is always evolving and growing. This acquisition is yet another indicator of our confidence in the future of the bioeconomy. We look forward to bringing the Savannah team onboard and to the opportunities this facility will create to ensure that our growing suite of plant-based bioproducts is available to consumers across the globe.”