BLOOMINGTON, Ill. (AgPR) September 26, 2016 – GROWMARK and Suncor have reached an agreement in which GROWMARK will purchase Suncor’s 50 percent interest in UPI, Inc. in Ontario, Canada. The transaction, subject to conditions including regulatory approvals, brings GROWMARK’s ownership of UPI to 100 percent. Terms of the transaction were not disclosed.
“The agreement aligns with GROWMARK’s focus on growing our petroleum business in Ontario,” said Kevin Carroll, vice president, energy and logistics. “We have had an outstanding partnership with Suncor for the past 20 years, and we are confident this will facilitate the continued success of our energy business in Ontario well into the future,” he added.
Suncor and GROWMARK have also entered into long-term supply agreements for GROWMARK’s petroleum needs in Ontario.
About UPI:
UPI, Inc., headquartered in Guelph, Ontario, provides energy products including refined fuels, propane, and lubricants throughout Ontario. More information is available atwww.upienergylp.com.
About GROWMARK:
GROWMARK is an agricultural cooperative with annual sales of $8.7 billion (FY 2015 data) providing agronomy, energy, facility planning, and logistics products and services, as well as grain marketing and risk management services in more than 40 states and Ontario, Canada. GROWMARK owns the FS trademark, which is used by affiliated member cooperatives. More information is available at www.growmark.com.
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