Viterra Inc. and the Montreal Port Authority (MPA) are pleased to announce that they have signed a definitive agreement for Viterra to lease and operate the MPA Grain Terminal.

The MPA Grain Terminal is a CGC licensed transfer elevator which operates year round and has a storage capacity of 262,000 metric tonnes. The terminal is located in the deepest inland seaport in North America and connects directly to both CN and CP rail networks. It provides direct shipping routes to various destinations in Canada, the US and Europe.

“This terminal is an excellent strategic fit within our North American grain handling and marketing operations. Its ideal location enhances our ability to expand Viterra’s origination and merchandising capabilities in both Canada and the US and it provides a wide range of logistical options to support efficient movement of high quality bulk and containerized food ingredients to key domestic and international markets,” said Bob Miller, Viterra’s Senior Vice-President, North American Grain.

The agreement was signed following a selection process led by the MPA, and successful due diligence conducted by Viterra.

“Our agreement with an agri-business company that specializes in grain such as Viterra will make it possible to consolidate and increase grain traffic at the Port of Montreal, and enable the grain terminal to improve its competitive position while still providing high calibre service to Quebec grain producers”, stated Sylvie Vachon, President and Chief Executive Officer of the Montreal Port Authority “Our grain terminal will now be run using the same business model as our other terminals, that is to say, by a specialized private operator, which will contribute greatly to its future success.”

Viterra will assume full operation of the terminal by July 1, 2011.