USA – American food corporation Cargill has bolstered its US soybean processing capacity with the acquisition of Owensboro Grain Co., a fifth-generation family-owned soybean processing facility and refinery located in Owensboro, Kentucky.
Founded in 1906 Owensboro Grain Co. operates a fully integrated soy processing facility, producing soy products, including protein meal and hull pellets for animal feeds.
It also produces crude and degummed oil, lecithin, various blends of refined vegetable oil for human consumption, biodiesel, glycerin and industrial waxes.
Cargill noted that the addition of Owensboro Grain Co. enhances its efforts to modernize and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets.
“We are pleased to welcome Owensboro Grain Co. into our Cargill family,” said Leonardo Aguiar, president of Cargill’s North American agricultural supply chain.
“Our two companies have tremendous operational histories, similar heritages as grain merchants, and values, including an unwavering commitment to prioritizing people ― making this a tremendous fit,” said Aguiar.
Aguiar further noted that the addition of Owensboro is a significant milestone in Cargill’s journey to create a connected and modernized grain experience for our customers.
On his part, Helen Cornell, president and CEO of the fifth-generation, family-owned soy processor said: “We are excited for this new chapter in the life of Owensboro Grain Co. and believe an acquisition by Cargill will ensure the long-term success of the company.”
Cornell said Cargill has the ability to capitalize on growing opportunities in the industry, such as renewable energy.
“The acquisition will ensure that Owensboro Grain Co., its employees, farmers, customers and the community are best positioned for the future,” said Cornell.
“We are excited to transfer ownership to another multi-generational family held enterprise with global access to markets and capabilities to ensure the future growth of our business. Cargill has the global resources necessary to support Owensboro Grain Company’s growth goals and operations.”
The transaction, which has been approved by the boards of directors of Cargill and Owensboro Grain Co., is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2023.