World Grain - June 2009 - 12
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Viterra, ABB Grain to combine operations
CALGARY, ALBERTA, CANADA - Viterra Inc. has reached agreement to acquire all
the issued and outstanding shares in Adelaide,
Australia-based ABB Grain Ltd. for a combination of cash and shares valued at approximately C$1.4 billion ($1.2 billion), the two
companies announced on May 19.
The transaction has been unanimously recommended by the ABB board of directors and
unanimously approved by the board of directors of Viterra.
"Over a considerable period of time our
respective companies have developed a solid
understanding of each others operations, management philosophies and strategic goals,"
said Mayo Schmidt, president and chief executive officer of Viterra. "This relationship
has culminated into a transformational combination that will drive significant value for
all shareholders, destination customers and
growers. We are creating a leading global
food ingredients supplier at a time when markets are expanding. With assets in the key exporting geographies of Australia and Canada,
the new company will have enhanced access
to high growth markets and margin opportunities. We will be financially stronger and better able to access capital and manage risks required to succeed in the global marketplace."
Michael Iwaniw, managing director for
ABB, said the transaction is consistent with
Michael Iwaniw, managing director for ABB Grain (left), and Mayo Schmidt, president and chief
executive officer of Viterra, met in Adelaide, Australia to cement their companies' agreement.
Photo courtesy of ABB Grain.
the two companies' strategy to expand their
global footprint through geographic diversification and investments in value-added
processing.
According to the companies, the combined business will result in several benefits,
including greater exposure to the higher
growth Asian market, the largest export
origination capability for core commodities,
business and geographic diversification, and
increased scale.
The Australian, New Zealand and Southeast Asian operations of the new company
will be based in Adelaide, which will be the
worldwide headquarters of the company's
malt business.
ABB half-year profits down 9%
ADELAIDE, AUSTRALIA - ABB Grain Ltd, reported on May 20
a net profit of A$30.6 million ($23.6 million) for the half-year ended
March 31, 2009, a decline of 9%, or A$3 million, compared to the
previous half-year.
Michael Iwaniw, ABB managing director, said that although the result was not as strong as he would have liked, it was solid considering
the challenging environment.
"The past six months have been extremely challenging for ABB, as
they have for many businesses both here and overseas. But we believe
we have the capacity to meet those challenges and achieve our financial goals," Iwaniw said. "The volatility of foreign exchange rates, the
global financial crisis and its effect in making customers more cautious
about purchases, the large fall in global fertilizer prices, coupled with a
slightly lower than expected South Australian harvest, have conspired
to have a bearing on the result."
12
The company said it revised its full-year profit expectation to a
range of A$53 million to A$63 million to reflect first-half fertilizer and
other losses.
Iwaniw said that there were many positives to carry into the second
half of the reporting year despite the negatives. He said that despite receiving only 3.9 million tonnes of grain last harvest in South Australia,
ABB's supply chain division contributed an 87% increase in revenue.
This was achieved despite receivals only increasing by 9% on 2007.
"This highlights optimizing of ABB's silo network, continued cost
containment and diversification of the division's operations," Iwaniw
said. "Our grain marketing division enjoyed a solid first half of the year
by selling more grain, including increased Ukrainian and wheat export
shipments. We expect Ukraine to provide grain from its upcoming harvest, which will enable us to market into international markets in the
second half of the year."
June 2009 / World Grain / www.World-Grain.com
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World Grain - June 2009
Table of Contents for the Digital Edition of World Grain - June 2009
Contents
World Grain - June 2009 - 1
World Grain - June 2009 - 2
World Grain - June 2009 - 3
World Grain - June 2009 - Contents
World Grain - June 2009 - 5
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