CHS invests in deep-water port at Necochea, Argentina
ST. PAUL, Minn., April 10, 2014 /PRNewswire/ -- CHS Inc. (NASDAQ: CHSCP, CHSCO, CHSCN), North America's leading farmer-owned cooperative and a global energy, grains and foods company, today announced it has acquired 29.45 percent ownership of Sitio 0, a greenfield export terminal at Necochea, a province of Buenos Aires, Argentina.
Other terminal owners are South American grain companies E-Grain, Alejandro Nari, Alea and Lartirigoyen. The export terminal is expected to be operational by May 2015.
"Investing in this port on behalf of our farmer-owners further ensures market access to growing demand from customers in China and across the Asia-Pacific region," said Ignacio Bosch, general manager, CHS Argentina. "Necochea's Sitio 0 terminal is a deep-water port, capable of loading post-Panamax size vessels at a rate of 1,200 metric tons per hour, along with 119,000 metric tons of storage capacity."
Mark Palmquist, CHS executive vice president and chief operating officer, Ag Business, said the Necochea terminal will improve overall export logistics and will decrease load times and waiting for vessels. Necochea is located on the Atlantic Ocean, 528 km (328 miles) southwest of Buenos Aires at the mouth of the Quequen Grande River. CHS will use the terminal to load soybeans, corn, wheat, sorghum, barley and soybean meal sourced from the area southeast of Buenos Aires.
CHS has been actively building its South American origination and export capabilities for more than 10 years and, Bosch said, the port investment is aligned with CHS growth strategy to expand global commodities assets and infrastructure.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal 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.
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, 2013, 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.