Results 1 to 2 of 2

Thread: Lake & Rail’ grain elevator purchased by Minnesota firm

  1. #1
    Member steven's Avatar
    Join Date
    Sep 2004
    Location
    West Side!
    Posts
    11,541

    Lake & Rail’ grain elevator purchased by Minnesota firm

    A 75-year-old grain elevator along the Buffalo River has a new owner and a revised future. Minneapolis, Minn.-based Whitebox Commodities Holdings Corp., a grain handling, storage and trading business, has purchased the “Lake & Rail” elevator off Ohio Street.

    Whitebox, a subsidiary of Whitebox Advisors, a hedge fund management firm that owns three other elevator complexes in the Midwest, is expected to use the massive Buffalo elevator as a foothold to Eastern markets. The Minneapolis company did not return phone calls regarding its Buffalo deal.
    The huge 4.4 million bushel elevator is located just north of Ohio Street, on the grounds of RiverWright LLC, an ethanol company that will begin production in late 2009. It was previously owned by ConAgra Foods, which closed it down in 2001.

    RiverWright acquired a total of four elevators along the Buffalo River in 2006 where it would store grains for conversion to fuel. The ethanol group, which paid $160,000 to amass the entire plant site, did not disclose the sale price of the Lake & Rail elevator.

    RiverWright Chief Executive Officer Greg Stevens said the sale reflects his company’s “evolved strategy” for revitalizing the once-bustling grain milling and storage site.

    “Our mission has expanded from tapping elevator capacity to feed our ethanol plant, to looking at sister opportunities,” Stevens said. “This site and these elevators are among the most logistically-advantaged in the U. S. for storing and shipping grain. That’s why they were built here in the first place.”

    RiverWright refurbished the Lake & Rail elevator as a first step in its $180 million plan to utilize the idle Buffalo River facilities for ethanol production. Last fall, it tested the updated elevator by loading it up with one million bushels of corn and soy beans. The grains were stored over the winter and shipped out this spring to a biofuels plant and animal feed customers.

    http://www.buffalonews.com/145/story/369129.html
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

  2. #2
    Member Linda_D's Avatar
    Join Date
    Jan 2005
    Location
    God's Own Country ... the Southern Tier
    Posts
    8,222
    There's a discussion of this on this thread also:

    http://www.speakupwny.com/forums/sho...?t=8822&page=4
    Your right to buy a military weapon without hindrance, delay or training cannot trump Daniel Barden’s right to see his eighth birthday. -- Jim Himes

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. E85- some concerns
    By colossus27 in forum Company Watch, Master planning, Development and Policy Discussion
    Replies: 73
    Last Post: June 21st, 2008, 10:44 AM
  2. Uranium Producer Warns of Lake Ontario Pollution
    By Mary3 in forum Grand Island, Town of Porter, Lewiston, Lockport and Youngstown
    Replies: 6
    Last Post: June 4th, 2008, 02:54 PM
  3. Hockey on Hoyt Lake
    By speaker in forum Events in WNY
    Replies: 13
    Last Post: February 15th, 2008, 02:33 PM
  4. 4Q earnings lift for Lake Shore
    By steven in forum Company Watch, Master planning, Development and Policy Discussion
    Replies: 0
    Last Post: February 7th, 2008, 03:19 AM
  5. Lake Effect Snow Watch
    By steven in forum Morning Breakfast - Breaking News
    Replies: 25
    Last Post: January 19th, 2008, 01:09 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •