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AGT Food and Ingredients Inc. announced its subsidiary AGT Terminal East Inc. 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.
AGT Terminal also secured a 16-year terminal agreement with CanEst that expires on Aug. 31, 2033, and includes an option to extend the pact an additional five years.
The deal will help AGT Terminal more consistently handle unit-train volumes of containerized agricultural products headed for export during the agreement's term, AGT Food and Ingredients officials said in a press release. The Port of Montreal operates a rail network that connects with CN and Canadian Pacific lines.
"Port facility access is an essential strategy for [us] to execute the growth of our Canadian bulk handling business. The 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," said AGT Food and Ingredients Chief Executive Officer Murad Al-Katib. "Port assets in Montreal are an important requirement for receiving 100 unit trains to transload into containers."
AGT Food and Ingredients also handles products at a Great Lakes terminal in Thunder Bay, Ontario.