Viterra has reached an agreement to purchase certain assets of Lethbridge Inland Terminal Ltd. (LIT), including a high throughput grain elevator with a capacity of 42,000 metric tonnes, the company has announced.
The deal is subject to certain closing conditions, including regulatory approvals and the approval by LIT shareholders; LIT’s board of directors are unanimously recommending its shareholders approve the transaction with Viterra. Financial details were not disclosed.
Kyle Jeworski, Viterra’s President and CEO for North America said in a press release, “This high quality terminal is ideally located and an excellent fit in our overall asset network. Darcy Heggie, LIT’s President and Chairman added, “The Board of Directors and staff of LIT are very proud of what we have been able to accomplish in a relatively short amount of time in a very competitive and mature southern Alberta marketplace.”
In November, Viterra announced it is spending over $34 million in Alberta through an expansion and upgrade to its facility in Grassy Lake, as well as building a high throughput terminal in Grimshaw.