March 25, 2009 14:20 ET
Waterloo-Oxford Co-Op Sells Assets to GROWMARK
WOODSTOCK, ONTARIO--(Marketwire - March 25, 2009) - Members who attended Waterloo-Oxford Co-operative Inc.'s Annual General Meeting on Monday voted in favour of the sale of substantially all of the co-operative's assets to GROWMARK, Inc., expected effective date of May 1, 2009.
The Annual Meeting was held at the Quality Inn in Woodstock and was well attended by more than 70 members who voted 95 per cent in favour of the acquisition. The co-operative's board of directors had approved this transaction prior to the meeting and passed its recommendation to the general membership.
"GROWMARK's investment in acquiring the assets of Waterloo-Oxford Co-op is a blessing in terms of what we needed in strong financial support. It gives us new stability and allows us to continue to do business for the customers in our trade territories," says Waterloo-Oxford Co-operative president Murray Schnarr.
Waterloo-Oxford Co-operative Inc. has operated under the FS PARTNERS name since November 2006, and will continue to operate as FS PARTNERS under this new acquisition. "For our customers, it means they will be able to continue to do business with their local FS PARTNERS branch as usual and see very little change in their day-to-day business dealings," says Jaye Atkins, FS PARTNERS general manager. "This acquisition will allow us to stay competitive in the marketplace, tap into more resources, and increase efficiencies," Atkins says.
After the completion of the transactions with GROWMARK, Inc., Waterloo-Oxford Co-operative will be wound-up and dissolved (and the membership shares of each co-op will be cancelled). At that time, it is anticipated that current members of Waterloo-Oxford Co-operative who meet membership criteria will be eligible for membership in GROWMARK. The local branches will continue to operate under the FS PARTNERS banner and FS PARTNERS will operate as a Canadian retail division of GROWMARK.
GROWMARK, Inc. is a regional co-operative that provides agriculture-related products and services to farmers and rural residents in Ontario and the United States through local FS member co-operatives and by GROWMARK subsidiaries. FS branded and related products and services include crop inputs, crop protection, seed, grain marketing, energy products, feed and animal health as well as a variety of consumer related products. GROWMARK reported US$6.7 billion in sales for 2008. FS PARTNERS is a Retail Division of GROWMARK that manages the day-to-day businesses of 20 FS branches throughout central, western and northern Ontario. Visit: www.fspartners.ca and www.growmark.com.