WINNIPEG, MAN. — G3 Global Grain Group (G3), a newly established agribusiness joint venture based in Winnipeg, has closed on its C$250 million ($192.65 million) investment in CWB, securing a majority interest (50.1%) in the company. CWB will be combined with the grain assets of Bunge Canada to form a new Canadian agribusiness, G3 Canada Ltd.
Karl Gerrand, c.e.o. of G3. |
“Combining the local market presence and global expertise of CWB and Bunge Canada Grain provides the opportunity to fulfill a promise to Canadian producers — to create a new and competitive alternative for the marketing of their grain,” said Karl Gerrand, chief executive officer of G3. “The name change to G3 Canada Ltd. represents another step toward our vision of building a highly efficient coast to coast grain handling enterprise, and I welcome the opportunity to work with the dedicated teams from G3, Bunge Canada and CWB, who have worked so hard to bring these transactions to a successful conclusion.”
Ian White, president and c.e.o. of the CWB, led the organization through the transformational process.
“CWB is pleased to complete the initiative to commercialize,” he said. “The capital investment G3 brings, as well as extensive operational experience, is a huge benefit to the sector, and we are pleased that Canadian grain producers will be able to continue to participate in the growth of the new company.”
CWB, long known as the Canadian Wheat Board, for many years held government-sanctioned marketing control of Western Canada’s milling wheat and barley. That control was removed by the Canadian government in 2012, and for the past several years the company has operated as a small grain company.