Downtime at its El Dorado and Pryor facility’s impacted LSB Industries Inc.’s net income for the second quarter ending June 30, 2012. LSB net income was $26 million ($1.11 per diluted share) on sales of $209.3 million, down from the year-ago $28.6 million ($1.22 per share) on sales of $235.6 million. Operating income was $42.3 million, down from $48.3 million.
For more details, see the Green Markets Web-Edition Aug. 10.
Tennessee Farmers Cooperative (TFC), a regional farm supply organization headquartered in La Vergne, Tenn., and Winfield Solutions LLC, a leading provider of agricultural inputs and a wholly-owned subsidiary of Land O’ Lakes Inc., announced on Aug. 8 that they have signed a nonbinding letter of intent to form a joint venture that combines their retail agronomy operations.
Under the proposed transaction, the 11 locations of TFC subsidiary Ag Distributors Inc. Agronomy in Missouri, Arkansas, and Kentucky would join the 34 locations of Winfield subsidiary Retail Agronomy Solutions LLC in Arkansas, Louisiana, and Mississippi under a new company to be called GreenPoint Ag LLC.
Each partner will hold 50 percent ownership and governance interest. The expected effective date for the transition is Dec. 2, 2012.
