-Investment marks first processing facility outside of North America-
WINNIPEG, Feb. 29, 2012 /CNW/ - Legumex Walker Inc. (TSX: LWP) announced today that it has commenced bean processing operations at its facility in Tianjin, China. The processing operation - with a capacity of 10,000 MT per year - was established at an existing Legumex Walker logistics and distribution location and is the Company's first processing facility outside of North America. The operation is doing business under the name of Legumex Walker (Tianjin) International Trading Ltd.
"Our industry is increasingly global and so too is our company," said Joel Horn, president and CEO of Legumex Walker. "This investment diversifies our processing capabilities beyond North America and builds on our 10-year operating history in China. Over the last decade, we've established the local sourcing, distribution, and logistical relationships to successfully support our own in-country processing capabilities and capture the additional margin it represents. Looking ahead, our focus will be on leveraging our position in China to create additional opportunities across our growing global sourcing and distribution network."
Legumex Walker's Chinese facility is well-positioned to source beans from northeast China and is fully staffed and operational.
With the addition of the 10,000 MT per year capacity from this processing facility, as well as the recent acquisitions of St. Hilaire Seed Company and certain assets of Anderson Seed Company in the U.S., 24 percent of Legumex Walker's processing capabilities now reside outside of Canada.
In addition to the new processing facility in Tianjin, China, the Company operates sales and logistics offices in Hong Kong and Beijing.
About Legumex Walker Inc.
Legumex Walker is a growth-oriented processor and merchandiser of pulses (lentils, peas, beans and chickpeas), other special crops and canola products. The Company is one of the largest processors of pulses and other special crops in Canada, with 12 processing facilities strategically located in key growing regions in the Canadian Prairie Provinces, the American Midwest, and China, a global sales, logistics, and distribution platform and access to multimodal transportation capabilities. In addition the Company has an 85 percent interest in Pacific Coast Canola, LLC, a company that is constructing a canola oilseed processing facility in Washington State.
This press release contains "forward‐looking information" within the meaning of Canadian securities laws, which may include, but are not limited to the anticipated effect of the acquisition of a processing plant in China on the Company's financial performance and business opportunities as well as statements relating to the reporting of financial results for future periods. Such forward‐looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the final prospectus of Legumex Walker dated June 30, 2011 available on sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
For further information:
Manager of Investor Relations - Legumex Walker Inc.
(416) 815-0700 ext. 257