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GROWMARK Acquires Mid-Iowa cooperative
Dec. 6, 2019
The transaction is expected to close by mid-December and is expected to leverage the companies' strengths to serve local farmers more effectively.
Mike Kinley, Mid-Iowa Cooperative CEO hailed the agreement as a "major step forward" in providing Mid-Iowa members with critical agronomic and energy services. "Working with GROWMARK is a combination that will bring our members the best of the best in supply services and grain market access."
Brent Ericson, GROWMARK senior vice president, member services, said the companies are also exploring a potential joint venture with Mid-Iowa Cooperative in which GROWMARK and Mid-Iowa Cooperative would collaborate to provide greater access to grain end-user markets.
Barry Schmidt, GROWMARK vice president, retail business, stated the collaborative nature of the agreement positions both companies to provide significant value to customers well into the future. "This agreement will provide many opportunities to give our customers significant value, both in the agronomy and energy supplies marketplace, and the grain business. We look forward to working with Mid-Iowa to continue to further this vision."
"I'm excited about this partnership," said Bob Hogle, board president of Mid-Iowa who farms near Conrad. "Ag supply businesses are changing rapidly, with consolidation at the farm level occurring faster than retail consolidation. This deal aligns two strong companies to ensure that our members get top-shelf service and long-term value."
About GROWMARK
GROWMARK is an agricultural cooperative with annual sales of $8.7 billion (FY 2019 data) providing agronomy, energy, facility planning, and logistics products and services, as well as grain marketing and risk management services throughout North America. Headquartered in Bloomington, Illinois, GROWMARK owns the FS trademark, which is used by affiliated member cooperatives. More information is available at www.growmark.com.
About Mid Iowa Cooperative
Mid-Iowa was formed in 1996 with the merger of Beaman Cooperative and Conrad Cooperative. Since then, company has expanded to 14 locations and continues to expand its geographical footprint, including the construction of a new, world-class, grain elevator north of Grundy Center. Mid-Iowa has also made significant investments in Sinclair Elevator and Milling companies (Parkersburg, Iowa) and unified with East Central Iowa Cooperative (Hudson, Iowa) in 2019. Mid-Iowa has 140 employees and annual revenues of $325 million. To learn more, visit www.midiowacoop.com.
Source: agrimarketing
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