Glencore's Viterra to Expand Canola Crush in North Americaby
Agriculture unit of Glencore has processing deal in Washington
Viterra purchased eastern Canada oilseed plant in 2015
Glencore Plc’s Viterra agriculture unit agreed on an oilseed-processing accord in Washington state with Pacific Coast Canola LLC to expand in North America.
Terms weren’t disclosed, Regina, Saskatchewan-based Viterra said Tuesday in a statement. The company increased its stake in Pacific Coast Canola to 50 percent for no cash and entered into an operating agreement with McKinstry Holdings Inc., which has the remaining 50 percent.
Pacific Coast’s plant in Warden, Washington, opened in 2013 and has the capacity to crush 1,100 metric tons a day, producing canola oils and animal feed.
In November, Viterra completed the purchase of the largest oilseed-processing plant in eastern Canada for C$190 million ($145.1 million) to triple crushing capacity. The Glencore unit, Bunge Ltd. and Cargill Inc. are Canada’s three top processors.
Shares of Baar, Switzerland-based Glencore, the world’s biggest listed commodity trader, rose 3.5 percent to 88.26 pence in London. Canada is the top canola producer.