Financial details of the acquisition are not being disclosed at this time, but a press release does say that Palmerston Grain business will continue to operate under the Palmerston Grain name, and, Archie Wilson, general manager of Palmerston Grain, will remain a core part of the Palmerston operation.
Established in 1983 by the McLaughlin family, Palmerston Grain is a buyer and marketer of wheat, corn, soybeans and canola, serving a region that includes mid-western, south-western and eastern Ontario. Palmerston’s asset base includes its elevator facility on the 5th with 2.1 million bushels in storage capacity, Identity Preserved capabilities and state-of-the-art grain handling technology.
C&M Seeds in Palmerston, also owned by the McLaughlin family, is not part of the acquisition and will remain a separate and ongoing business.
Subject to due diligence and customary closing conditions, the acquisition is expected to close during the first week of September, 2014.