Stockwatch – Alliance Grain Traders Inc. will now trade under the name AGT Food and Ingredients Inc. (TSE:AGT, Mkt cap 565.57M, P/E 30.95, Div/yield 0.15/2.14, EPS 0.90, Shares 20.20M) the Regina-based pulse crop processing and marketing company has announced.
The company said the name change better reflects its business focus and strategy to its shareholders, customers and stakeholders.
Murad Al-Katib, president and CEO of AGT, said the move is a “significant event” for the company, which is headed in the direction of food ingredients and retail packaged foods. Al-Katib added that the shift in focus complements AGT’s “legacy business in pulses and staple foods processing, exporting and merchandising.”
The company’s new Minot facility and partnerships with Ingredion and Cargill meant that AGT felt its previous name no longer truly represented the company’s commercial capacity, as it strives to move up the value chain from being a commodity processor and exporter to a food ingredient producer and supplier.
Al-Katib added that the re-branding initiative will help AGT ensure that its customers all over the world will “recognise AGT Food and Ingredients Inc. is a processor of value-added pulses, staple foods and ingredients for export and domestic markets, as well as a supplier of retail packaged and canned foods to retail and food service sectors.”
AGT produces a full range of pulses and specialty crops, including lentils, peas, chickpeas, beans and canary seed, as well as food ingredients, such as pulse flours, proteins, starches and fibres. Through its subsidiaries in Turkey, the Arbel Group, AGT also produces staple foods, such as Arbella Pasta, rice and milled wheat products, including bulgur and semolina.
Stockwatch – AGT Food and Ingredients’ net income grew year over year last quarter from a loss of $0.15 per share to a gain of $0.64.
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