REGINA, SASKATCHEWAN, CANADA — Viterra Inc. announced on Dec. 28 that it has reached an agreement to purchase certain assets of Lethbridge Inland Terminal Ltd., including a high throughput grain elevator with a capacity of 42,000 tonnes.
LIT's board of directors are unanimously recommending its shareholders approve the transaction with Viterra. An information circular was mailed to shareholders on Dec. 23, containing further details. The deal is also subject to certain closing conditions, including regulatory approvals and the approval by LIT shareholders.
"This high quality terminal is ideally located and an excellent fit in our overall asset network. We look forward to LIT employees, as part of the Viterra team, providing area customers with expert advice and quality service, as well as ample marketing opportunities for the diverse range of commodities grown in Southern Alberta,” said Kyle Jeworski, Viterra's president and chief executive officer (CEO) for North America. “This further builds on our commitment to the Province of Alberta and the grain industry in Western Canada, and is the latest in a series of investments we've announced over the last several months."
Darcy Heggie, LIT's president and chairman, said the board and staff of LIT are very proud of what they have accomplished in a relatively short amount of time in a very competitive and mature southern Alberta marketplace.
"We are very confident that Viterra will continue to offer a strong and progressive service model which shareholders and customers of LIT have come to depend on over the past few years," said Norman Fodness, LIT CEO.
In November, Viterra announced it is spending over C$34 million in Alberta through an expansion and upgrade to its facility in Grassy Lake, as well as building a high throughput terminal in Grimshaw.