Source: Growmark Inc. via

Growmark, Inc. and Magellan Pipeline Company, L.P. have entered into an agreement in which Growmark will acquire the refined fuels terminal near Ft. Dodge, Iowa. Terms of the acquisition were not disclosed.

Acquisition of the facility will enable Growmark to ensure continued supply of refined fuels and solidify the cooperative's commitment to the energy business and to North-Central Iowa, according to Kevin Carroll, Growmark vice president, energy division.

"This acquisition provides the opportunity to invest in one of our core businesses and is a strategic location for our Iowa member cooperatives," Carroll said. "With the Ft. Dodge addition, we can better serve our petroleum business and this important part of our geography."

Original news release