ST. PAUL, Minn., Oct. 3, 2013 /PRNewswire/ -- Members of Dakota Plains Cooperative, a full-service agribusiness headquartered in Valley City, N.D., voted last week to approve a merger with CHS Inc. (NASDAQ: CHSCP), an energy, grains and foods company and the nation's leading farmer-owned cooperative. The proposal passed with a 92 percent approval and will become effective Jan. 1, 2014, pending appropriate due diligence by both organizations and final approval by the CHS Board of Directors.
"We are pleased the members could see the same vision and opportunities the board saw in merging with CHS," said Greg Svenningson, Dakota Plains Cooperative board president. "We are excited to partner with the nation's leading cooperative."
"This is a good match for both cooperatives," said John McEnroe, executive vice president, CHS Country Operations. "We are always interested in investments that align with the CHS commitment to helping our farmer-owners grow their businesses."
Patrons of Dakota Plains Cooperative should expect a smooth transition, including continuity of staffing at its locations. Ken Astrup will continue to lead the co-op as general manager.
Dakota Plains Cooperative (dakotaplains.coop) offers farmers and ranchers a full line of agronomy, seed, feed, and energy services and products from 15 locations in central and southeast North Dakota.
CHS Inc. (chsinc.com) 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, 2012, 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.