ST. PAUL, Minn., Dec. 16, 2015 /PRNewswire/ -- With 81% of eligible producers voting, 94% cast an affirmative ballot for the merger of Elburn Cooperative, a diversified agricultural retailer based out of Sycamore, Ill., and CHS Inc. (NASDAQ: CHSCP), the nation's leading farmer-owned cooperative. The merger will become effective in March 2016, pending appropriate due diligence by both organizations and approval by the CHS Board of Directors.
"We have always had an open dialogue with CHS about the many great opportunities they could offer us," said Tracy Jones, board chairman, Elburn Cooperative. "Merging with CHS offers us a more competitive size and scale than we've had in the past on our own. This merger positions us to return the greatest value to our patrons and for future generations."
"We are excited about the opportunities ahead for both customers and employees of Elburn Cooperative," said Lynden Johnson, executive vice president, CHS. "We look forward to enhancing and building upon the already-strong local cooperative expertise available to producers in the region."
Customers should expect a smooth transition, including continuity of staffing at its current locations. Phil Farrell will continue to lead the group as general manager.
CHS Inc. (www.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, animal 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 and other CHS Inc. publicly available documents contain, and CHS officers and representatives may from time to time make, "forward–looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Report Act of 1995. Forward–looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward–looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on CHS current beliefs, expectations and assumptions regarding the future of its businesses, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of CHS control. CHS actual results and financial condition may differ materially from those indicated in the forward–looking statements. Therefore, you should not rely on any of these forward–looking statements. Important factors that could cause CHS actual results and financial condition to differ materially from those indicated in the forward–looking statements are discussed or identified in CHS public filings made with the U.S. Securities and Exchange Commission, including in the "Risk Factors" discussion in Item 1A of CHS Annual Report on Form 10–K for the fiscal year ended August 31, 2015. Any forward–looking statements made by CHS in this document are based only on information currently available to CHS and speak only as of the date on which the statement is made. CHS undertakes no obligation to publicly update any forward–looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE CHS Inc.