COVINGTON, La. - July 9, 2021 - (Newswire.com)
Zen-Noh Grain Corporation (ZGC) announced today that it has closed on its acquisition of approved assets from Bunge. Originally announced in spring of 2020, the initial agreement between ZGC and Bunge included 35 operating assets. To help secure regulatory approval, certain Bunge assets and Consolidated Grain and Barge Co., ZGC's affiliate, assets were selected for divestiture and sold to Viserion Grain, LLC.
The facilities ultimately required by the Department of Justice to be divested were adjusted slightly from the list published this past spring. The Bunge assets divested include Shawneetown, IL; Huffman, AR; Osceola, AR (Riverside and Landside); Helena, AR; Lake Providence, LA; Caruthersville, MO; McGregor, IA; and Lettsworth, LA. The divested Consolidated Grain and Barge Co. asset is its Savanna, IL facility.
"This is an exciting day for the team. Our commitment to agriculture began over 50 years ago, and we've grown into a diverse, inclusive, innovative organization committed to connecting farmers with domestic and international opportunities for their production. We are eager to welcome our new employees and to serve producers and community members in these new and expanded markets," said Greg Beck, Senior Vice President, CGB Enterprises, Inc.
About Zen-Noh Grain Corporation
Zen-Noh Grain Corporation is the U.S. subsidiary of the National Federation of Agricultural Cooperative Associations of Japan, Zen-Noh. ZGC trades and exports corn, soybeans, sorghum, wheat, and byproducts from its state-of-the-art export elevator located at mile 164 on the Mississippi River in Convent, LA to Japan and other global markets. ZGC also has grain origination interests in Canada and Brazil, and a forage processing business in Pasco, WA. To learn more, visit www.zgcusa.com.
About CGB Enterprises, Inc.
CGB Enterprises Inc. is headquartered in Covington, LA, and thru its wholly owned subsidiary, Consolidated Grain and Barge Co., operates a vast network of grain facilities across the Midwest. In addition to grain facilities, CGB Enterprises, Inc. has dedicated operations in logistics and transportation (CTLC), agri-finance (AGRIfinancial Services), soybean processing, producer risk management, and other related businesses. For more information on CGB Enterprises, Inc. and its family of businesses, please visit www.cgb.com.
About Viserion Grain, LLC
Viserion Grain, LLC (Viserion) is a new entity supported by management with strong experience in the grain industry. It is owned by Viserion International Holdco, LLC, a Colorado-based global agricultural merchant formed with the financial backing of Pinnacle Asset Management, L.P. (Pinnacle). Pinnacle is a $3.2bn private, New York-based alternative asset management firm. Pinnacle maintains a dedicated investment focus on global commodity markets and trading, and specific commodity-related businesses.
About Bunge Limited
At Bunge (www.bunge.com, NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world's leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they're grown to where they're consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across more than 350 facilities located in more than 40 countries.
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Original Source: Zen-Noh Grain Corporation Announces Close on Acquisition of Bunge Assets