In the United States (US), POET LLC, the world’s largest producer of corn-derived ethanol, has announced that it has signed a purchase agreement with Savannah Marine Terminal (SMT) to acquire its "rail-to-container" transload facility in Savannah, Georgia (GA).
According to a statement, the acquisition, the value of which has not been disclosed 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 United States, 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.
At POET, we hold ourselves to the highest standard of quality, innovation, and customer service. 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.
The facility will also strengthen POET’s shipping process, ensuring even greater traceability and transparency for its customers, who have already come to expect nothing less than the best in food safety and quality.
POET has a decades-long track record of service and reliability and has been a valued customer of SMT for many years. This transaction will serve to benefit both entities in our next respective phases of growth. We also know POET takes care of its people and the communities it calls home, and we look forward to having them as a neighbor here in Savannah, said Victor Vanderlugt, President and CEO of SMT.
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. 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, said Jeff Broin, Founder and CEO of POET.
