ST. PAUL, Minn., June 24 /PRNewswire-FirstCall/ -- CHS Inc., a leading energy and grain-based foods company, announced today it has formed a joint venture with Triangle Ag LLC, Ulen, Minn.
Under the agreement, CHS and Triangle Ag will combine agronomy services throughout central and east central North Dakota, including construction of a 25,000-ton crop nutrients plant with the ability to receive 110-rail car shipments near Hannaford, N.D. A crop protection product and seed distribution center will also be part of the joint venture.
"We look forward to partnering with Triangle Ag to provide producers in the area with a consistent long-term crop nutrients supply and efficient operations," said John McEnroe, senior vice president, CHS Country Operations. "With a significant amount of crop nutrients supply coming from off-shore locations, we need to be able to quickly, efficiently and economically move product to producers."
"Consolidating operations will eliminate duplication of assets and add efficiency for producers," said Wes Roll, general manager and chief operating officer, Triangle Ag LLC. "This partnership will help us adapt to the dynamic and changing crop nutrients industry, while giving us the ability to ensure supply for our producers."
Construction of the crop nutrients facility is expected to begin following the required permitting process. Plans call for the plant to be completed by spring 2009. Financial terms were not disclosed.
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/.
