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Grain handler Viterra to crush canola at Washington plant

Published 2016-01-05, 12:06 p/m
Grain handler Viterra to crush canola at Washington plant
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WINNIPEG, Manitoba, Jan 5 (Reuters) - Grain handler Viterra
Inc VILC.UL , a unit of Glencore PLC GLEN.L , said on Tuesday
that it has struck a supply and marketing agreement to crush
canola at Pacific Coast Canola LLC (PCC), a plant in Warden,
Washington.
A Viterra affiliate, Glencore Grain Investment LLC, has
increased its ownership in PCC to 50 percent from a minority
stake, for no cash consideration, Viterra said in a release.
McKinstry Holdings Inc acquired the other 50 percent.
The deal adds canola-crushing capacity to Regina,
Saskatchewan-based Viterra, which already has plants in Manitoba
and Quebec. Canadian canola crushings for the 2015/16 marketing
year are up 12 percent year to date. OILS/CA
Glencore, meanwhile, has said previously it planned to sell
a minority stake in its agriculture business and other assets as
it aimed to cut debt.
Legumex Walker, renamed LWP Capital Inc, built the plant,
but said in September it expected to sell the facility and wind
down the company, after PCC defaulted on a $54.6 million loan.
U.S. crop handler The Scoular Company paid C$94
million for Legumex's special crops division.
Legumex was hampered in 2014 by railway congestion limiting
delivery of canola seed, and more recently weak industry
margins.

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