ST. PAUL, Minn., Dec. 10, 2010 /PRNewswire-FirstCall/ -- CHS Inc. (Nasdaq: CHSCP), a leading grains, food and energy company, announces the dissolution of United Harvest, a joint venture company owned equally by CHS Inc. and United Grain Corp., a Mitsui company. The United Harvest joint venture was formed in December 1998.
"CHS has carefully considered its successful 12-year partnership with Mitsui in United Harvest and has made the determination that it is best to dissolve the joint venture," said Rick Browne, senior vice president, CHS Grain Marketing. "We appreciate the significant value United Harvest has provided for CHS and its stakeholders. However, it has become clear that CHS needs to move in a new direction. CHS pledges to continue to uphold its commitment to ensure long-term, competitive market access in the Pacific Northwest for its stakeholders and customers."
The United Harvest joint venture dissolution is expected to be completed on or before May 31, 2011.
Upon United Harvest dissolution, management of the Vancouver, Wash., export terminal will return to United Grain Corp., and management of the Kalama, Wash., export terminal will return to CHS.
CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 100 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across the United States. CHS supplies energy, crop nutrients, livestock feed, grain, 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 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.