CHS invests in Summit Texas Clean Energy and secures exclusive 700,000 ton urea off-take agreement
ST. PAUL, Minn., Sept. 11, 2012 /PRNewswire/ -- CHS Inc. (NASDAQ-NMS: CHSCP), a leading energy, grains and foods company and the nation's largest farmer-owned cooperative announced today it will serve as the exclusive off-take company for urea fertilizer produced by the Summit Texas Clean Energy Project, LLC plant at Penwell, Texas. CHS will also be a minor investor in the project. The plant is expected to generate up to 700,000 tons of urea annually.
"The ability to source high-quality, domestically produced urea will help enhance and streamline our operations while providing consistent supply to customers throughout the region," said Cheryl Schmura, CHS vice president, crop nutrients. CHS is among the largest U.S. importers of agricultural grade urea.
"As a farmer-owned cooperative, CHS is committed to increasing value for our owners and customers through partnerships that optimize our supply chain efficiencies and that fit our business aspiration of global commodities expansion," Schmura said. She added that CHS was selected for the contract because of its tight linkages to local retailers and growers, market strength and logistical expertise, including rail and truck capabilities to move high tonnage safely and efficiently.
CHS Inc. is the nation's leading cooperative, owned by farmers, ranchers and co-ops across the United States. A diversified global energy, grains and foods business and a Fortune 100 company, CHS is committed to helping producers and member cooperatives grow their businesses through its domestic and global operations. CHS supplies energy, crop nutrients, grain marketing services, 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.
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, 2011, 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.