Members of Farmland Co-op Inc., Oakes, N.D., voted in July to merge with Agtegra Cooperative, Aberdeen, S.D. The boards of directors of both co-ops approved the merger proposal in June (GM June 15, p. 1) after the two co-ops announced in April (GM May 11, p. 1) that they had signed a letter of intent to study a possible unification.
Farmland will now become part of Agtegra on Sept. 1, following the completion of Farmland’s fiscal year on Aug. 31. The merger was supported by 92.7 percent of Farmland’s voting members.
“We are excited about this opportunity to expand Agtegra’s energy business and look forward to working with Farmland’s members, patrons, and employees,” said Chris Pearson, Agtegra CEO. “Having Farmland join Agtegra allows us to build on their expertise and enhance our fuel offering to our North Dakota customers. It also allows us to increase our capabilities in a geography that we already serve.”
Farmland is a stock cooperative that was formed in 1975, and currently has 11 full-time employees and approximately 140 members. The company operates an energy business that provides propane and refined fuels, as well as a tire shop and a convenience store.
Agtegra began operations in February (GM Jan. 5, p. 1) and was formed from the merger of South Dakota Wheat Growers and North Central Farmers Elevator (NCFE), Ipswich, S.D. The company has 900 employees at more than 60 locations in North and South Dakota, and serves approximately 7,850 member-owners and 22,600 equity holders. In addition to offering grain and agronomy services, Agtegra offers its members aerial application services, fuel, animal feed, and precision ag hardware and software products and services.
Agtegra noted that it has no plans to enter the convenience store business, so that portion of Farmland’s business will be sold.