July 15, 2011

 

Viterra among top 50 largest companies in Canada

 

 

Viterra Inc. is now among the top 50 biggest companies in the country, with CAD8.25 billion (US$8.60 billion) in revenues in 2010, which is good for 47th place overall according to the Financial Post 500.

 

Regina-based Viterra is also listed as Canada's largest agriculture company, ahead of Cargill Ltd at second place with CAD6.04 billion (US$6.30 billion) in revenues, and the Canadian Wheat Board (CWB) at third place with CAD5.15 billion (US$5.37 billion) in annual sales, the 2011 edition of the FP 500 said.

 

Viterra was formed from the merger of Saskatchewan Wheat Pool and Agricore United in 2007 following a hostile CAD1.8 billion (US$1.88 billion) takeover of Agricore led by then-Pool CEO Mayo Schmidt. Since then, the company has made a number of acquisitions, most recently the CAD1.4 billion (US$1.46 billion) takeover of ABB Grain Ltd of Australia in 2009.

 

The 47th place ranking for Viterra is the highest the company has achieved since its formation four years ago. In last year's edition of the FP 500, Viterra ranked 55th overall with CAD6.635 billion (US$6.92 billion) in revenues.

 

Viterra's five-year profit growth of 1,101.7% was ranked 21st overall. Viterra also achieved higher profits on its revenues in 2010 than in 2009, thanks to "higher efficiency due to labour,'' according to the FP 500's "efficiency matrix." Viterra posted profits of CAD145.3 million (US$151.5 million) in 2010 versus with CAD113.1 million (US$117.9 million) in 2009.

 

Publicly traded Viterra listed its major shareholder as Alberta Investment Management Corp., which holds 17% of Viterra's common shares.

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