Canadian company DynAgra Corp. to join US-based CHS Inc.
ST. PAUL, Minn., Sept. 20, 2012 /PRNewswire/ -- DynAgra Corp., independent ag retailer headquartered in Western Canada, and CHS Inc. (NASDAQ-NMS: CHSCP), leading US-based farmer-owned cooperative, will combine agricultural services to producers and consumers within the Alberta Province trade territory now served by DynAgra. Effective in September 2012, this marks the first Canadian-based company to join the Country Operations division of CHS. The agreement will be finalized in late September after appropriate due diligence is complete.
"The flood gates of possibilities -- new products, new markets and new perspectives -- have opened for us by joining CHS," said Tasha Schmaltz, general manager, DynAgra. "To have a company enter the Canadian market that is as focused on the customer's success as we are is extremely exciting for the DynAgra staff and for our loyal customers. I can only imagine what we will bring next to the marketplace."
"In our research to take DynAgra and our customers to the next level, we decided that a global company was needed to propel our customers into international markets," added Bruce Schmaltz, President and CEO, DynAgra. "After substantial analysis, we decided CHS had what it takes to open up world markets for our customers while bringing a competitive presence to the retail crop input market. We're confident our long-time customers will find CHS a formidable new player at a time of shrinking competitive choice in Canada."
"The combination is a good match for both companies," explained John McEnroe, executive vice president CHS. "Part of our commitment to helping our farmer-owners grow their businesses included expanding our reach geographically, and Canada provides the opportunities to do just that. CHS continues to look for other opportunities to grow its ag retail business, both in Canada and in the US, to complement our overall enterprise."
Customers of DynAgra should expect a smooth transition, including continuity of staffing at all its locations; Tasha Schmaltz will continue his leadership role as general manager. The business will operate under the name CHS DynAgra through CHS Country Operations Canada, Inc., a wholly owned subsidiary of CHS Inc. This subsidiary will be managed and operated out of the Country Operations division of CHS Inc.
With more than 30 years in the agriculture retail business, DynAgra offers innovative solutions that meet both the economic and agronomic needs of today's farmers. Under the promise, Powered by Service, DynAgra offers crop nutrition and protection programs, as well as seed and producer financing, at locations in Beiseker, Carseland, Rolling Hills and Standard.
CHS Inc. is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2011, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
SOURCE CHS Inc.
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