Commodity News Service Canada – G3 Global Grain Group, a newly established agribusiness joint venture based in Winnipeg, has officially closed its investment in a majority interest in CWB, the former Canadian Wheat Board.
CWB will be combined with the grain assets of Bunge Canada to form a new Canadian agribusiness, G3 Canada Limited, a news release from CWB said on Friday.
“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, G3 CEO in the release.
“The name change to G3 Canada Limited represents another step towards 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.”
CWB’s President and CEO, Ian White, helped lead the organization through the transformational process, and is gratified with the investment outcome.
“CWB is pleased to complete the initiative to commercialize. 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,” White said.