CGB Enterprises Acquiring W.B. Johnston Grain
Transaction is expected to close within 35 to 40 days
Feb. 03--ENID, Ok -- The oldest and largest privately owned grain company in the state, W.B. Johnston Grain, is going to be sold to a Louisiana company.
W.B. Johnston Grain entered into a letter of intent to sell its grain company and related business to CGB Enterprises Inc., a grain and transport business based in Covington, La.
The transactions is expected to close within 35 to 40 days, according to a press release from the companies. Terms of the transaction were not disclosed.
"We are looking forward to being a part of the CGB team," WBJ CEO Butch Meibergen said. "WBJ prides itself in providing producers with services they need, and we look forward to offering even more resources in the future through CGB's global network."
"This exciting combination brings together the forward-thinking regional leadership and 120-year history of WBJ with the entrepreneurial CGB expertise and infrastructure," WBJ President Joey Meibergen said, "thereby strengthening the position of the company and ultimately resulting in greater efficiencies and a higher level of service for the WBJ customer base.
"Butch and I look forward to joining the CGB team and achieving our growth goals together."
WBJ operates 19 grain elevators throughout Oklahoma and Texas, including two grain terminals, an 18 million-bushel rail terminal in Enid and a 2 million-bushel rail shipper/receiver facility in Shattuck.
"We are excited about the WBJ group of businesses and employees joining the CGB team," said CGB President & CEO Kevin Adams. "The Meibergen family has successfully grown and nurtured the WBJ business over its long history, and we believe they complement our growing CGB group of businesses.
"Our staff plans to work closely with WBJ's customers, suppliers and employees to make the integration process as seamless as possible."
CGB has 74 grain elevators across the Midwest and provides services for producers and manufacturing industries. The company's activities include grain handling and merchandising, soybean processing, crop insurance, fertilizer, agri-finance, feed ingredients, bulk handling and stevedoring, and transportation and logistic services.
Look for more reaction in print and online.
Copyright 2014 - Enid News & Eagle, Okla.