CHS and Cargill Expand TEMCO Grain Export Operations
MINNEAPOLIS and ST. PAUL, Minn., Feb. 1, 2012 /PRNewswire/ -- Cargill and CHS Inc. (NASDAQ: CHSCP), announced today the two agribusiness companies are expanding the scope of their TEMCO LLC, grain export terminal joint venture to include other Pacific Northwest export assets owned by the companies.
TEMCO, which operates an export facility in Tacoma, Wash., is a 50-50 joint venture between CHS and Cargill. The expanded joint venture will include the Tacoma facility along with an export terminal in Kalama, Wash., and the Cargill Irving Elevator at Portland, Ore. The expanded joint venture company will export feed grains, oilseeds, and wheat to Asia-Pacific markets.
Cargill and CHS both said they are confident the long-term expansion will result in the assets, infrastructure and volume necessary to meet global demand. Country elevators and producers will benefit from the strong global connections and logistical and distribution expertise.
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 142,000 people in 66 countries. Cargill helps customers succeed through collaboration and innovation, and is committed to applying its global knowledge and experience to help meet economic, environmental and social challenges wherever it does business. For more information, visit Cargill.com and its news center.
CHS Inc. (www.chsinc.com) is the nation's leading cooperative, owned by farmers, ranchers and co-ops across the United States. A diversified energy, grains and foods business and a Fortune 100 company, CHS is committed to providing the essential resources that enrich lives around the world. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS preferred stock is listed on the NASDAQ at CHSCP.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2010, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
SOURCE CHS Inc.