WINNIPEG, Man. and PLENTY, Sask.–CWB and Prairie West Terminal Ltd. announced that CWB (through a wholly-owned subsidiary) will acquire all of the issued and outstanding common shares of PWT.
The purchase of PWT adds to CWB’s existing asset network, which includes Mission Terminal, Les Élévateurs des Trois-Rivières, Services Maritimes Laviolette, and a minority interest in Prairie West Terminal, said a CWB release.
“We are excited to announce this agreement with Prairie West Terminal,” said CWB president and CEO Ian White. “PWT has a solid reputation with its farmer customers, and in the community at large. CWB values farmers in this community and intends to foster the relationships that the organization has built with local farmers and the surrounding community” said White.
“This purchase strengthens CWB’s growing network of assets across Western Canada and represents the first opportunity farmers will have to deliver grain to a CWB owned elevator.”
“CWB is a farmer-oriented company with an established customer network and unsurpassed grain and risk management expertise. As CWB continues to grow its asset network across the Prairies, we’re excited to be a part of that story”, said Chad Campbell, CEO of PWT.
“There are a lot of changes going on in the industry landscape, and this Transaction will bring a very experienced marketer of grain to the local market, and ensure the continued success of these facilities and local producers in the years to come. The Board of Directors of PWT sees significant benefit in the Transaction to all stakeholders. It offers shareholders a very attractive return on their investment, and ensures an ongoing, positive presence in our local community.”