FOR IMMEDIATE RELEASE
CGB Celebrates Completion of Soybean Processing Plant Expansion
MOUNT VERNON, Ind. (Aug. 8, 2018) – The Consolidated Grain and Barge Co. (CGB), a global leader in the grain and transportation industries since 1970, today announced the completion of its $32 million expansion at its soybean processing facility at the Port of Indiana-Mount Vernon.
CGB President and CEO Kevin Adams and CGB Senior Vice President Steve O’Nan joined Port of Indiana-Mount Vernon Port Director Phil Wilzbacher to welcome the expansion that will increase servicing opportunities for Indiana’s soybean farmers and increase product supply for agribusiness customers.
“We announced our expansion plan here in the fall of 2016 because we were excited about growth opportunities at this Mount Vernon location,” said Adams. “This investment means we will remain competitive in this global economy and it underscores our commitment to remain an essential partner in the Indiana agricultural community.”
CGB originates and markets grain and oilseeds for domestic and international markets. Just one bushel of soybeans can produce 11 pounds of soy oil, which is commonly used for cooking, biodiesel and other industrial applications, and nearly 49 pounds of soymeal and soy hulls, which serve feed mills, poultry manufacturers and hog farmers.
Soybeans are a primary field crop in the United States, and Indiana ranks third in the country for soybean production.
“CGB’s commitment to its customers, its vision for smart growth and this expansion that more than doubles the size of its operation since it opened here in 1997 emphasizes its commitment to a strong future for soybean processing in southwest Indiana,” said Wilzbacher.
Business activities at the Port of Indiana-Mount Vernon support over 7,000 jobs and generate more than $1 billion in annual economic impact for the state, including $348 million in wages and $33 million in state and local taxes each year. Coal, soybean meal, soybean oil, ethanol, dried distillers grain, corn, wheat, fertilizer, minerals and cement are primary cargoes moving through the Mount Vernon port, which has achieved record-setting shipments for the past four years.
CGB is headquartered just outside New Orleans and is jointly owned by two Japanese organizations – Itochu Corporation and ZEN-NOH, a federation of agricultural cooperatives. The Posey County plant is the company’s only soybean processing facility and its strategic location allows for multiple logistics options, including inbound and outbound barge, rail and truck transportation as well as outbound container shipping options. Roughly 60 percent of the facility’s volume is shipped via barge, utilizing the Port of Indiana-Mount Vernon.
About the Port of Indiana-Mount Vernon: Opened in 1976 and operated by Ports of Indiana, a statewide port authority managing three ports on the Ohio River and Lake Michigan. Established in 1961, the Ports of Indiana is a self-funded enterprise dedicated to growing Indiana’s economy by developing and maintaining a world-class port system. Information: portsofindiana.com. Follow us on Twitter: @PortsofIndiana.
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