G3 Investors Explore Feasibility of a New Export Grain Terminal on Canada's West Coast
June 2, 2015 - St. Louis, Missouri - G3 Global Holdings, a limited partnership between Bunge Canada and SALIC Canada, announced that it has formed a joint venture with Western Stevedoring Company Limited to examine the feasibility of building an export grain terminal at Lynnterm West Gate at Port Metro Vancouver.
Bunge Canada and SALIC Canada also formed G3 Global Grain Group, which was named the successful investor in CWB in April 2015.
“The G3 vision is to create a highly efficient coast-to-coast Canadian grain enterprise that provides stronger market access solutions for growers and delivers value to our stakeholders,” says Karl Gerrand, CEO, G3. “The planned combination of CWB and Bunge’s Canadian Grain assets will provide a highly competitive eastern footprint. We now are looking west to determine whether this is the right time and location to take the next step.”
A number of matters need to be resolved and permitting considered before a decision to move forward with the project is made. Gerrand added, “Together with Western Stevedoring, we are pursuing related discussions as we move through feasibility and permitting processes. We believe an open relationship with First Nations and the community is critical to the long-term success of the project.”
The joint venture will make an announcement at the appropriate time if it decides to move forward with the project.
About G3 Global Grain Group
G3 (www.G3Canada.com) is a joint venture of Bunge Canada and SALIC Canada Limited, a wholly owned subsidiary of Saudi Agricultural and Livestock Investment Company (SALIC). Bunge Canada is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the animal feed, food processor, foodservice and bakery industries. SALIC, a joint stock company based in Riyadh, Saudi Arabia, is building a global agribusiness by investing in greenfield and existing ventures. At the highest level, G3 seeks to unlock the potential value of agricultural products across Canada by establishing a highly efficient coast-to-coast grain enterprise.
About Western Stevedoring Company Limited
Western Stevedoring (www.westernstevedoring.com) is a diversified stevedoring, terminal and logistics company with operations throughout British Columbia since 1948. Western is operator of Lynnterm East Gate and West Gate, located in North Vancouver, which specializes in handling forest products, steel and project cargoes. Western Stevedoring is a wholly owned subsidiary of Carrix Inc., headquartered in Seattle, Washington. Carrix is the parent company of SSA Marine and is the world’s largest privately held marine and rail terminal operator.
About Bunge North America
Bunge North America (www.bungenorthamerica.com), the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the animal feed, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn, wheat and rice mills in the U.S., Canada and Mexico.
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 35,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including “may,” “will,” “should,” “could,” “expect,” “anticipate,” “believe,” “plan,” “intend,” “estimate,” “continue” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could affect our business and financial performance: industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products used in our business; fluctuations in energy and freight costs and competitive developments in our industries; the effects of weather conditions and the outbreak of crop and animal disease on our business; global and regional agricultural, economic, financial and commodities market, political, social and health conditions; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, dispositions, joint ventures and strategic alliances, including the closing of the transaction discussed in this press release; our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other business optimization initiatives; changes in government policies, laws and regulations affecting our business, including agricultural and trade policies, tax regulations and biofuels legislation; and other factors affecting our business generally. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
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