Cargill and Owensboro Grain Company, a fifth-generation family-owned soybean processing facility and refinery in Owensboro, Kentucky, have entered into an agreement where it will add the facility to its North American agricultural supply chain business.
Terms of the deal were not disclosed. The transaction, which has been approved by the boards, is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2023.
Owensboro Grain Company was founded in 1906 as a small grain merchant. Today, it operates a fully integrated soy processing facility, producing soy products, including protein meal and hull pellets for animal feeds, crude and degummed oil, lecithin, various blends of refined vegetable oil for human consumption, biodiesel, glycerin and industrial waxes.
The addition enhances Cargill’s 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 Company into our Cargill family,” said Leonardo Aguiar, president of North American agricultural supply chain.
“Our two companies have tremendous operational histories, similar heritages as grain merchants and values, including a commitment to prioritizing people ― making this a tremendous fit. Additionally, this is a significant milestone in Cargill’s journey to create a connected and modernized grain experience for our customers.”
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 Company and believe an acquisition by Cargill will ensure the long-term success of the company.”
“Cargill has the ability to capitalize on growing opportunities in the industry, such as renewable energy. The acquisition will ensure that Owensboro Grain Company, its employees, farmers, customers and the community are best positioned for the future. 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.”
