POET has signed a purchase agreement with Savannah Marine Terminal (SMT) to acquire its rail-to-container transload facility in Savannah, GA.
The acquisition will include all equipment and real estate to operate the grain transload facility.
The Port of Savannah, one of the highest volume container ports in the U.S., has geographic synergy with several of POET’s key global markets for its animal feed products, including Dakota Gold dried distillers grains and its corn fermented protein product, NexPRO.
“Obtaining this transload facility — optimally located in the port of Savannah — will help us better serve our customers all over the world, which is especially important as we face global supply chain challenges," said Greg Breukelman, president of POET Bioproducts.
Facility strengthens POET's shipping process
The facility will also strengthen POET’s shipping process, ensuring even greater traceability and transparency for its customers.
“POET has a decades-long track record of service and reliability and has been a valued customer of SMT for many years,” said Victor Vanderlugt, SMT president and CEO. “This transaction will serve to benefit both entities in our next respective phases of growth.”
In addition to producing 3 billion gallons of bioethanol, 14 billion pounds of distillers grains, and 975 million pounds of corn oil per year, POET is currently the 36th-largest container shipper, exporting to more than 20 countries around the world — and growing.
“POET’s history is one of continual progress. Our business is always evolving and growing,” said Jeff Broin, POET founder and CEO.
“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.”
