OWENSBORO, Ky. (WEHT) – Cargill and Owensboro Grain Company, a fifth-generation family-owned soybean processing facility and refinery, announced Monday that they are now part of Cargill.

“We are excited for this new chapter in the life of Owensboro Grain Company and believe an acquisition by Cargill will ensure the long-term success of the company,” said Helen Cornell, president and CEO of the fifth-generation, family-owned soy processor. “The acquisition will ensure that Owensboro Grain Company, its employees, farmers, customers and the community are best positioned for the future. We are excited to transfer ownership to another multi-generational family held enterprise, with global access to markets and capabilities to ensure the future growth of our business.”

Officials say the addition of Owensboro Grain Company enhances Cargill’s efforts to modernize and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets.

A press release says terms of the deal were not disclosed. Officials say the transaction, which has been approved by the Boards of Directors of Cargill and Owensboro Grain Company, is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2023.