Farmer-owned firm Landus Cooperative entered into an agreement to purchase a grain elevator in Manilla, IA from its present owner American agribusiness Archer Daniels Midland (ADM), a press release announced Tuesday.

The Crawford County site features a capacity of 2.3 million bushels of grain, including 775,000 bushels of upright storage, 1.5 million bushels in bunker storage, and a receiving capacity of 32,000 bushels/hr.

“This Manilla, IA site is a strategic purchase for Landus Cooperative and farmers in western Iowa,” a statement by Milan Kucerak, the chief executive officer of Landus, said. “While this grain asset has been well cared for, we expect to improve efficiency on behalf of the customer utilizing best practices from our nearly 60 grain locations in Iowa.”

Landus intends to assume ownership of the facility on June 1. The companies said that existing grain contracts with ADM will be honored.

“Our domestic and international grain end-users continue to demand high-quality corn and soybeans, and we know Crawford County, IA farmers can help meet that demand,” said Kucerak. 

Terms of the transaction were not revealed in the release.