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Blumberg grain executes letter of intent to expand its agricultural investments to Nigeria with $250 million commitment

Miami Herald | 18 July 2013
Philip Blumberg CEO of Blumber Grain and Nigerian Minister Adesina. Blumberg GRAIN is owned by Blumberg Captial Partners, an independent, privately held investment firm headquartered in Miami, Florida, US. (Photo: PRNewsFoto/Blumberg Grain)

Blumberg Grain executes letter of intent to expand its agricultural investments to Nigeria with $250 million commitment
 
By Blumberg Grain

LAGOS, Nigeria, July 18, 2013 -- /PRNewswire/ -- In cooperation with the Government of Nigeria, Blumberg Grain has executed a Letter of Intent (LOI) for a $250 million investment program in the Nigerian agriculture sector.  The investment includes a large scale production and distribution facility for Blumberg Grain's food security storage warehouses, agricultural processing and packaging facilities, and investments in land and technology to create high-yield, high-efficiency farms.

After meetings with Government officials, including Nigerian Minister of Agriculture Akinwumi Adesina, Philip Blumberg, Chairman and CEO of Blumberg Grain remarked, "Nigeria represents one of the largest agricultural markets in the world, and provides a significant opportunity for our company to establish a major presence in West Africa.  We have been encouraged and impressed with Nigerian Federal and State government officials' assertiveness in attracting and supporting our investment program."

The LOI is in accordance with, and supports, Nigeria's efforts with regard to the G8's New Alliance for Food Security and Nutrition program.

The first phase of the investment includes the establishment of a production facility for Blumberg Grain's food storage warehousing systems, as well as an initial deployment of approximately 340,000 metric tons of crop storage capacity in Nigeria. The project is anticipated to commence in the third quarter of 2013, and will create 800-1000 new jobs in the agriculture and manufacturing sectors.

David Blumberg, VP of Blumberg Grain, remarked from Lagos, "The Federal Republic of Nigeria has ambitious goals to increase agricultural production by 15% by 2015.  Reducing the estimated 30% loss in grain and estimated 50% loss in produce from post-harvest losses, due in large part to inadequate storage, would serve as the fastest and most efficient way to increase agricultural production."

About Blumberg Grain

Blumberg Grain, a business unit of Blumberg Capital Partners, is based in Miami, Fla., with offices in Chicago, Washington, D.C., and a research, development and engineering center in Ames, Iowa.

Blumberg Grain is a leading US based food security company, providing vertically integrated crop and food storage systems, technology and management.  Blumberg Grain's food safety and security infrastructure and warehousing reduces post-harvest losses of grain, produce, and other perishables to 5% or less.  The company works with private companies and countries to modernize agricultural value chains, increase the quality and marketable output of their harvests, enable efficient market timing, and significantly boost exports of agriculture products.

As part of its international growth strategy, Blumberg Grain is developing manufacturing plants and export hubs in Africa, Asia, and South America.

For more information, please visit http://www.blumberggrain.com or contact Vicki Rosa at [email protected] or +1.305.569.9500.

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Government of Ghana and Blumberg Grain Execute MOU for Manufacturing Plant and Export Hub in West Africa

The Wall Street Journal | 9 July 2013

Manufacturing Plant to Produce State of the Art Food Safety and Security Storage Warehousing Systems

Blumberg Grain WSJACCRA, Ghana, July 9, 2013 /PRNewswire/ — The Government of Ghana and Blumberg Grain have concluded a Memorandum of Understanding to cooperate in the undertaking of the company’s West Africa Manufacturing Plant and Export Hub, which the government of Ghana is proposing to be located in the northern regions of Ghana.

The Hub includes the large scale production and distribution of Blumberg Grain’s food security storage warehouses and network management systems to address increasing the nation’s agricultural output and reducing post-harvest losses.

The manufacturing plant, to be built at Blumberg Grain’s expense, without government subsidy or financing, will create 1000 new jobs, contribute significantly to the increase of the country’s exports, and be a catalyst for large scale manufacturing in West Africa.

Blumberg Grain, a leading US based Food Security company, emphasizes best practices in its manufacturing workplace, as well as training and skills advancement.

The Hub will also include an Agriculture and Farming Institute in cooperation with Iowa State University, the Ghana Food and Agriculture Ministry, Ghanaian educational institutions and NGOs, with the purpose of providing farmers access to the best techniques and technology to increase quantity and quality of farming production.

Phase two of the Hub project contemplates investments by Blumberg Grain in private farms with introduction of high yield farming technology and development of Blumberg Grain food processing facilities.

Ghana’s Minister of Trade and Industry, Haruna Iddrisu, and Minister of Food and Agriculture, Clement Kofi Humado, executed the agreement with Blumberg Grain Chairman and CEO, Philip Blumberg in Accra on Friday, July 5th.

Mr. Blumberg said the company targets its West African manufacturing plant and export Hub to be up and operating at the beginning of next year and plans to conclude final country and site selection in the next several weeks.

He also commented that although several West African countries are still under consideration for the Hub, Ghana’s farming sector, including the Ghana Grains Council, and the national government, particularly the Ministry of Trade and Industry and the Ministry of Food and Agriculture, have been “pro active and displayed strong leadership during this selection process”.

About Blumberg Grain

Blumberg Grain, a business unit of Blumberg Capital Partners, is based in Miami, Fla., with offices in Chicago, Washington, D.C., and an affiliate research and development and engineering center in Des Moines, Iowa.

As part of its international growth strategy, Blumberg Grain will be developing manufacturing plants and export hubs in West Africa, the Middle East, North Africa, Central Asia, Southeast Asia and Eastern Europe.

For more information, please visit http://www.blumberggrain.com or contact Vicki Rosa at [email protected] or +1.305.569.9500.

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