WAHPETON, ND. — Cargill and Golden Growers Cooperative have reached an settlement on a joint venture in ProGold LLC, proprietor of a corn wet milling facility in Wahpeton, ND, and 510 acres of land on which the ability sits, the businesses introduced Feb. 24.
ProGold LLC was fashioned in 1994 as a joint venture between Golden Growers, American Crystal Sugar Co. and Minn-Dak Farmers Cooperative, which offered its stake to American Crystal in 2003. Cargill, which has leased and operated the wet milling facility since 1997, and Golden Growers will every retain 50% possession in ProGold upon shopping for out American Crystal Sugar Co.’s 51% fairness stake. The transaction is anticipated to shut by the tip of February. Terms of the settlement weren’t disclosed.
“This strategic partnership combines the strengths of both parties, paving the way for long-term reliability and viability of corn-based ingredients to supply our customers,” stated Mike Wagner, managing director for Cargill’s starches, sweeteners and texturizers enterprise in North America. “We’re proud of our team members who have been instrumental in the success of this operation and our longstanding partnership with ProGold and the local corn growers for the past 25 years. We look forward to exploring new growth opportunities for the facility, including attracting co-location partners to the site.”
The 240,825-square-foot corn wet mill, which Cargill will proceed to function, has about 185 workers and contractors mixed. Cargill contracts with about 1,500 native corn growers, enabling the ability to grind roughly 90,000 bus of corn every day to provide animal feed and meals elements which can be used in baked meals, drinks, dairy merchandise and confectionery items. Cargill presently owns and operates 5 different corn wet mills throughout the US Midwest: Blair, Neb.; Cedar Rapids, Eddyville and Fort Dodge, Iowa; and Dayton, Ohio.
Golden Growers was fashioned in 1994 to create a value-added processing alternative for corn growers in the Dakotas and Minnesota and presently has about 1,540 members.
“We believe this agreement with Cargill offers a bright future for our members,” stated Mark Harless, chairman, Golden Growers. “Our agreement signals a long-term commitment to the Wahpeton community, employees of the facility and corn producers.”