Cargill to acquire Madison Energy LLC. grain elevator
16 October 2008
Contact: David Feider, (952) 742-6910, david_feider@cargill.com
MADISON, Minn. – Cargill announced today that it has signed an Option to Purchase agreement to acquire the grain elevator at Madison, Minn. owned by Madison Energy LLC, a subsidiary of Glacial Lakes Energy, LLC. Located 45 miles east of Watertown, S.D., the Madison grain elevator is equipped with a grain dryer and features a 1.2-million-bushel storage capacity.
Pending completion of all approval steps in the acquisition agreement, Cargill will commence operating the Madison facility in time to complete this fall’s corn harvest.
“Adding the Madison facility to our regional elevator network increases our flexibility in serving both export and domestic grain markets, expanding the geography in which we can offer Cargill’s range of grain marketing solutions for producers,” said Jim Kabisch, farm service group leader for Cargill AgHorizons’ MnKota group in Maynard, Minn. Cargill AgHorizons operates grain elevator facilities in nearby Maynard and Alberta, Minn. and in Vienna, S.D.
“We are pleased with the transition of this business to Cargill and welcome the many services and benefits that they will provide to area grain producers,” said Interim CEO Jim Seurer of Glacial Lakes Energy, LLC in Watertown.
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About Glacial Lakes Energy, LLC:
Glacial Lakes Energy owns and operates ethanol plants in Watertown and Mina, S.D. and manages a plant near Redfield, S.D. Glacial Lakes Energy, LLC was formed in May 2001 by the Glacial Lakes Corn Processors and Glacial Lakes Capital. Glacial Lakes Energy purchased the ownership held by Glacial Lakes Capital in July 2004. After the transaction, Glacial Lakes Corn Processors became the sole owner of Glacial Lakes Energy. For more information about Glacial Lakes Energy, visit www.glaciallakesenergy.com or call 605-882-8480.
About Cargill:
A business unit of Cargill, Incorporated, Cargill AgHorizons (www.cargillaghorizons.com) is a customer-focused organization working to bring product and service solutions to producers. Cargill is an international provider of food, agricultural and risk management products and services. With 160,000 employees in 67 countries, Cargill is committed to using its knowledge and experience to collaborate with customers to help them succeed.
