|Farm cooperatives approve a merger|
|Written by Sentinel-Tribune Staff|
|Saturday, 13 July 2013 07:43|
FINDLAY - Blanchard Valley Farmers Cooperative and Deshler Farmers Elevator Company have announced it has reached a major milestone with stockholder approval to merge the two agricultural cooperatives, according to Blanchard Valley Farmers Cooperative General Manager Jerry Silveus.
During a special meeting held Tuesday in Findlay, the stockholder members of Blanchard Valley Farmers Cooperative approved the merger agreement by a vote of 642 for and 172 against, an approval rate of 78 percent.
At the same time, stockholder members of Deshler Farmers Elevator Company, also at a special meeting, approved the merger with a vote of 275 votes for and 125 against, an approval rate of 68 percent.
The two cooperatives will start work on determining how to best merge their operations in order to leverage their respective strengths, with an effective date of March 1 for official operations to commence as the new company, Legacy Farmers Cooperative.
The two companies will combine for sales in excess of $425 million in 2013.
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