Bunge to Buy Elevator in West Memphis, Ark.
ST. LOUIS, Sept. 1, 2011 /PRNewswire/ -- Bunge North America, the North American operating arm of Bunge Limited (NYSE: BG), announced that it is purchasing the Riceland Foods elevator strategically located at the Crittenden County Port in West Memphis, Ark. The sale is expected to close by the end of the year, subject to customary closing conditions. In the interim, Bunge will begin operating the facility immediately under an agreement with Riceland and the West Memphis Crittenden County Port Authority. Financial terms were not disclosed.
"With growing world demand for U.S. agricultural products, Bunge continues to look for opportunities to strengthen our network of elevators along the Mississippi River and its tributaries to serve our export terminal in Destrehan, La.," said Bailey Ragan, vice president and general manager, Bunge Grain. "This elevator is located in an area that grows several different crops and where production continues to increase, providing Bunge with a year-round source for a variety of crops for our customers in destination markets."
The elevator has a storage capacity of 625,000 bushels and can handle corn, soybeans, wheat, milo and rice. Seven employees at the facility are transitioning to Bunge.
"Bunge will continue our strong relationship with Riceland with a through-put agreement for the West Memphis facility," said Doug McNeely, Bunge Grain's Center Gulf Region manager. "With an elevator located across the river in Memphis, we already have a good relationship with growers in the region. We hope to build on that success with our commitment to customer service."
All open contracts with existing Riceland customers will be assigned to Bunge.
About Bunge North America
Bunge North America (http://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 livestock, poultry, 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 dry 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 founded in 1818 and headquartered in White Plains, New York. Bunge's over 25,000 employees in over 30 countries enhance lives by improving the global agribusiness and food production chain. The company supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers and supplies raw materials and services to the biofuels industry.
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. These factors include, among others, 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; 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.
SOURCE Bunge North America