LINCOLN, Neb. (DTN) -- Sioux Falls, South Dakota,-based Poet, LLC, has acquired a Savannah, Georgia, rail-to-container transload facility as part of a purchase agreement signed this week with Savannah Marine Terminal, according to a news release from Poet.
The acquisition will include all equipment and real estate to operate the grain transload facility, Poet said. Details about the price of the deal were not made public.
The Port of Savannah is one of the highest-volume container ports in the U.S., Poet said.
According to Savannah Marine Terminal Inc.'s website the terminal transfers grain and other bulk commodities from CSX and Norfolk Southern railcars or hopper trucks to container trucks which are driven to the port for export.
"Savannah Marine Terminal boasts a 40-acre multiplex and is capable of moving hundreds of thousands of tons of bulk material, grain, coil, oil, forest products and heavy-lift commodities per month," according to the company's website.
Savannah Marine Terminal has three warehouses with about 80,000 square feet of storage as well as a dry-storage facility.
Poet is the nation's largest ethanol-producing company with an annual production of about 3 billion gallons at 34 locations across the Corn Belt. In addition, Poet produces 14 billion pounds of distillers grains and 975 million pounds of corn oil per year. When it comes to container shipping Poet currently is the 36th-largest shipper, according to the news release, exporting to more than 20 countries around the world.
"Poet's history is one of continual progress," Poet CEO and founder Jeff Broin said in a statement.
"Our business is always evolving and growing. This acquisition is yet another indicator of our confidence in the future of the bioeconomy. We look forward to bringing the Savannah team onboard and to the opportunities this facility will create to ensure that our growing suite of plant-based bioproducts is available to consumers across the globe."
Greg Breukelman, president of Poet Bioproducts, said in a statement the acquisition of the terminal would help the company "better serve our customers all over the world, which is especially important as we face global supply chain challenges."
Read more on DTN:
"Poet Joins Navigator Carbon Pipeline," https://www.dtnpf.com/….
Todd Neeley can be reached at email@example.com
Follow him on Twitter @DTNeeley
(c) Copyright 2022 DTN, LLC. All rights reserved.