Agrocorp Acquires Veikle Grain
Agrocorp International, a wholly owned subsidiary of Singapore-based international trading company, Agrocorp International Pte. Ltd, announced it has agreed to acquire Saskatchewan-based grain and oilseed processor and exporter, Veikle Grain Ltd for an undisclosed amount according to Real Agriculture.
Founded in 1979 and located in Cut Knife on a main Canadian Pacific Rail line, Veikle handles and exports grains, pulses, and oilseeds to Middle Eastern, Asian, and South American markets. It also provides load out services for bulk or bagging and containers, box cars or bulk hoppers. Bagged products are marketed under the Viking brand.
“As Canada transitions to become the major supplier of protein for the world’s increasing population, we at Agrocorp are excited to be a part of this global story,” said Colin Topham, managing director for Vancouver-based Agrocorp Canada in a company statement. “We continue to accelerate our bulk vessel and containerized business in Canada, both in major grains and specialty crops.”
Agrocorp International Pte Ltd. trades over five million tons of grains, pulses, oilseeds, sugar and cotton per year with an annual turnover of $1.9 billion. The company has had a presence in Canada for over 25 years and has existing locations in Moose Jaw with a capacity of 250,000 tons per year, Falher, with a capacity of 80,000 tons per year, and in Innisfail, with a capacity of 100,000 tons per year reports IESingapore.
Upon completion of the deal, Agrocorp has planned upgrades in the pipeline for the Cut Knife site that are expected to lift its handling capacity to 80,000 tons per year, bringing the company’s total annual Canadian volume to 400,000 tons and making it one of the top handlers in the country.