ST. PAUL, Minn., April 1, 2008 /PRNewswire-FirstCall/ -- CHS Inc. , a leading energy and grain-based foods company, announced today it has acquired full ownership of Provista Renewable Fuels Marketing.
CHS has purchased the 50 percent interest in Provista owned by US BioEnergy Corp., an ethanol manufacturing firm, making it the sole owner of Provista. US BioEnergy merged with VeraSun Corp. effective April 1, 2008. Terms of the transaction were not announced. CHS will operate Provista under its present name and leadership.
"As sole owner of this successful renewable fuels marketing and distribution operation, CHS looks forward to new opportunities to connect biofuels producers and blenders quickly and efficiently as the alternative fuels industry continues to grow," said Leon Westbrock, CHS executive vice president and chief operating officer, Energy.
Westbrock added that Provista's logistical and marketing strength, backed by three decades of CHS experience in renewable fuels and more than seven decades in the refined petroleum business, help position it for growth in serving its customers in a dynamic industry.
Provista (http://www.provistafuels.com/) currently markets more than 550 million gallons of ethanol. Combined with CHS strengths in transportation, logistics, marketing and risk management, Provista offers full range of solutions for the renewable fuels industry.
CHS Inc. (http://www.chsinc.com/) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 200 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders, from the Great Lakes to the Pacific Northwest and from the Canadian border to Texas. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex(R) brand refined fuels, lubricants, propane and renewable energy products. CHS is listed on the NASDAQ at CHSCP.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2007, which can be found on the Securities and Exchange Commission web site (http://www.sec.gov/) or on the CHS web site http://www.chsinc.com/.
