Carrollton Farmers Elevator (IL) Votes to Merge With CHS
Date Posted: June 12, 2014
St. Paul, MN—Voting members of Carrollton Farmers Elevator, a grain cooperative based out of Carrollton, Ill., have approved a merger with CHS Inc., the nation’s leading farmer-owned cooperative.
The proposal passed with a 75-percent approval and will become effective in September 2014, pending appropriate due diligence by both organizations.
The CHS Board of Directors also must vote on the measure.
Upon completion, the Carrollton operation will join with the current CHS Country Operations business unit based in Lowder, Ill.
“The Carrollton Board has always worked hard to maintain a strong balance sheet, so we could take advantage of opportunities like this one,” said Rick Steinacher, chairman, Carrollton Elevator Board of Directors.
“We’re pleased that our stockholders saw the same value we did in a partnership with CHS. We look forward to working with the CHS Lowder board and John Bender.”
“Our shareholders have been rewarded for their actions in 2010 when we joined CHS and we anticipate the customers and owners of the Carrollton Elevator will be very pleased with the choice they have made by joining with CHS,” said CHS Lowder Board Chairman Joe Murphy.
“We welcome them to our business unit and are looking forward to serving their needs and expanding the opportunities they have going forward.”
“CHS continually looks for strategic opportunities that will strengthen our ability to help our farmer-owners grow their businesses,” said John McEnroe, executive vice president, CHS.
“We’re excited to enhance our local expertise offerings in the area.”
Patrons of Carrollton Elevator should expect a smooth transition, including continuity of staffing at its two locations in Carrollton and White Hall.
Chris Howard will serve as location manager under the new business, reporting to CHS Lowder General Manager John Bender.
A member-owned cooperative, Carrollton Farmers Elevator has served the grain merchandising and handling needs of farmers in southwestern Illinois since 1918.
For more information, call 651-355-4523.