AGT Food and Ingredients Inc., through its wholly-owned subsidiary AGT Terminal East Inc. (AGTTE), has acquired a minority interest in CanEst Transit Inc. at the Port of Montreal.
AGT Food and Ingredients Inc., through its wholly-owned subsidiary AGT Terminal East Inc. (AGTTE), has acquired a minority interest in CanEst Transit Inc., a terminal at the Port of Montreal that’s used to store and fill bulk product containers, the company said.
AGTTE secured a 16-year terminal agreement with CanEst, expiring on Aug. 31, 2033, with an option to extend the agreement by five years.
AGTTE provided a shareholder loan to CanEst, which, together with other shareholder loans, will be used for working capital for the terminal.
The shareholder group in CanEst also includes La Coop fédérée and Transit BD Inc.
“Port facility access at tide water is an essential strategy for AGT to execute the growth of our Canadian bulk handling business,” said AGT Foods President and CEO Murad Al-Katib. “60,000 metric tons of storage and a strategic location within the Port of Montreal made this opportunity one that we felt was a good fit with our recent investments in bulk rail logistics assets.”
Situated along the St. Lawrence River, the Port of Montreal connects with Class I Railroads Canadian Pacific and Canadian National.
AGT Food and Ingredients already had a presence in the Great Lakes area at the Port of Thunder Bay’s MobilEx Terminal.
AGT acquires interest in Montreal terminal
