Canadians! Mayo Schmidt, President and Chief Executive Officer of Viterra – one of the world’s leading agribusinesses and Canada’s largest grain handler – thanks you!
With the elimination of the Canadian Wheat Board’s monopoly, Viterra will have the opportunity to buy and sell western Canadian wheat, barley and durum for the first time in 2012. We were the first to offer bids to western Canadian wheat, durum and barley growers, and we anticipate that the industry, growers, customers and the economy will see significant benefits as further transportation and logistical efficiencies are realized in this positive new regulatory environment. The changes to the Canadian Wheat Board will also have a positive effect on Viterra, enabling us to achieve a projected increase in annual EBITDA of $40 million – $50 million per annum in 2014 and beyond.
If you’ve concerns about these profits staying in Canada, rest assured. Viterra was bought last week by Switzerland based Glencore, the world’s largest diversified commodities trader, for $6.2 billion. Expect thanks from them soon!