In the tradition of companies such as 3M and AT+T, Regina-based Alliance Grain Traders has taken its abbreviation as its new name.
The company announced Wednesday it has formally completed its name change to AGT Food and Ingredients Inc., as per a resolution at the company’s annual meeting in June.
“We feel our new name better reflects our business focus and strategy and makes this focus clear to our shareholders, our customers, our stakeholders and to food markets globally,” AGT CEO Murad Al-Katib said in a release Wednesday.
Originally best known for processing pulse crops and staple foods, the company’s business is tracking more toward food ingredients and retail packaged foods in its recent investments and expansions, he said.
On top of the company’s recent processing investments at Minot, N.D., “our announced partnerships with both Ingredion and Cargill are important components that signaled a need to create a new name for AGT, as we continue our movement up the value chain from being a commodity processor and exporter to a food ingredient producer and supplier,” he said.
AGT in June announced a distribution deal with Ingredion, a multinational food ingredients supplier, as the exclusive distributor of for AGT’s pulse flours, protein and bran ingredients for its consumer foods and ingredient segments.
Cargill and AGT in January last year announced a five-year agreement with Cargill as the exclusive North American agent for pulse protein ingredient products for the animal feed and pet food sectors processed by AGT’s U.S. subsidiary, United Pulse Trading (UPT).
Common shares of AGT will start trading under the company’s new name on the TSX in the next two or three business days, the company said, but the shares will keep their TSX trading symbol “AGT.” –– AGCanada.com Network