MINNEAPOLIS — Expanding its oilseeds network, Cargill has entered a definitive agreement to acquire Owensboro Grain Company, LLC, a fifth-generation family-owned soybean processing facility and refinery located in Owensboro, Ky.

Terms of the deal, which was announced Nov. 28, were not disclosed. The transaction, which has been approved by the boards of directors of Cargill and Owensboro Grain Co., is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2023.

The addition of Owensboro Grain Co. enhances Cargill’s efforts to modernize and increase capacity across its North American oilseeds network to support growing demand driven by food, feed and renewable fuel markets.

“We are pleased to welcome Owensboro Grain Co. into our Cargill family,” said Leonardo Aguiar, president of North American Agricultural Supply Chain at Cargill. “Our two companies have tremendous operational histories, similar heritages as grain merchants, and values, including an unwavering 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.”

Owensboro Grain Co. was founded in 1906 as a small grain merchant and today 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. Sourcing from multiple states, the company crushes more than 100,000 bus of soybeans daily.