Bunge to buy elevator by Mississippi river
Sept. 1, 2011
by Jeff Gelski
ST. LOUIS — Bunge North America is purchasing the Riceland Foods elevator at the Crittenden County Port in West Memphis, Ark. The sale is expected to close by the end of the year. Bunge will begin operating the facility immediately under an agreement with Riceland and the West Memphis Crittenden County Port Authority.
The elevator has a storage capacity of 625,000 bus and may handle corn, soybeans, wheat, milo and rice.
“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.”
Financial terms of the purchase were not disclosed. All open contracts with existing Riceland customers will be assigned 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 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.”