Huntingburg-based Superior Ag has acquired a previously-closed grain elevator in Princeton. The cooperative says the facility will increase its on-site grain storage capacity by 50 percent.
Financial terms of the deal were not disclosed. Superior Ag says the property was previously owned by Cargill before it closed in late December. Chief Executive Officer Barry Day says the co-op worked quickly to acquire the property once it became available.
Superior Ag currently has the capacity to store 4.4 million bushels of grain on-site and the newly-acquired facility will add another 2.2 million bushels. Nick Michel, grain division manager at Superior Ag, says if the property had remained closed permanently, it could have led to logistical concerns for local farmers.
"With the purchase of this facility, we are adding much needed capacity to our local grain operations and positioning for future growth throughout our cooperative footprint.," said Michel. "This facility will open up much needed storage, while still allowing for the flexibility of delivering grain to the best market, which our customers have grown accustomed to."
Superior Ag says it expects to hire three employees to help with the operation of the facility and there should be no disruption to existing contracts with area farmers.