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SOURCE CHS Inc.
ST. PAUL, Minn., June 4, 2014 /PRNewswire/ -- CHS (NASDAQ: CHSCP), a leading energy, grains and foods company and the nation's leading farmer-owned cooperative, has signed a long-term agreement with Federation Cooperative, Black River Falls, Wis., to build a propane terminal at Hixton, Wis., that will be managed and operated by Federation Cooperative.
"This agreement is part of an estimated $24 million investment previously announced by CHS to expand propane service in the region affected by the Cochin reversal project," said Drew Combs, CHS vice president of propane. "These investments will also help position our customers for future growth."
"Given the severe winter that we experienced, this new CHS propane terminal is a great and welcomed addition to Wisconsin's propane infrastructure," said Wisconsin Governor Scott Walker. "We appreciate CHS making such a significant investment in Wisconsin as it will better help us ensure the health and safety of Wisconsinites and our neighbors in Minnesota and Iowa."
Served by the CN railroad, the new terminal is expected to be completed by fall of 2014. It will have 360,000 gallons of storage tanks with the ability to offload six railcars every 4.5 hours and two truck loading bays capable of loading six trucks per hour. To view an animated video showing the planned propane site, go to Hixton propane terminal.
"With the reversal of the Cochin pipeline, our propane supply will be compromised. We are excited to work with CHS on this venture to ensure a steady propane supply for our customers," said Jeff Polivka, general manager and CEO, Federation Cooperative. "Sometimes being in the right place at the right time adds member value, and that is certainly the case with this opportunity."
CHS will access and distribute propane through the new terminal to serve existing and new customers in Wisconsin, Minnesota and Iowa.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2013, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
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