Terms of the deal were not disclosed. The acquisition is expected to close in early 2023 pending regulatory approval and other customary closing conditions.
Founded in 1906 as a small grain merchant, Owensboro Grain Company now operates a fully integrated soy processing facility, producing protein meal and hull pellets for animal feeds, crude and degummed oil, lecithin, various blends of refined vegetable oil for human consumption, biodiesel, glycerin and industrial waxes.
The acquisition enhances Cargill’s efforts to modernize and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed, and renewable fuel markets.
“Our two companies have tremendous operational histories, similar heritages as grain merchants, and values, including an unwavering commitment to prioritizing people ― making this a tremendous fit. Additionally, this is a significant milestone in Cargill’s journey to create a connected and modernized grain experience for our customers,” said Leonardo Aguiar, president of Cargill’s North American agricultural supply chain.
For Owensboro Grain Company, the acquisition will ensure a long-term future for the company and its employees, said president and CEO Helen Cornell: “Cargill has the ability to capitalize on growing opportunities in the industry, such as renewable energy. The acquisition will ensure that Owensboro Grain Company, its employees, farmers, customers and the community are best positioned for the future. Cargill has the global resources necessary to support Owensboro Grain Company’s growth goals and operations.”