AGRIS Co-operative Ltd.

AGRIS Co-operative Ltd.

January 12, 2017 13:53 ET

AGRIS Co-operative pays out $1.5 million of its profits

CHATHAM, ONTARIO--(Marketwired - Jan. 12, 2017) - AGRIS Co-operative board vice president Scott McGeachy announced at the co-operative's annual meeting yesterday, that through patronage and interest, $1.5 million was returned to its farmer owners and investors.

The combined sales in 2016 for AGRIS Co-operative totaled more than $203 million; and $1.9 million has been put into retained earnings to support the co-operative operations. The AGRIS Co-operative board of directors has declared that the patronage of $1 million will be issued as one third cash and two thirds stock. This will bring AGRIS Co-operative's total retained earnings to nearly $20 million.

In his year-end report, AGRIS Co-operative general manager Jim Campbell told owners that unit sales in fertilizer, seed, crop protection, grain handling and fuel all showed growth. "We are very thankful for the business that we have earned and we don't take for granted the competitive market in which we operate," says Campbell.

During the afternoon session, a forum was held on farmers "social license" and the three pillars of today's farm decision making; economic, environmental and social. Jim Campbell and senior agronomist Dale Cowan chaired the discussion with owners and announced that the AGRIS board of directors have adopted a "Stewardship Pledge" for the co-operative to follow. "AGRIS Co-operative is committed to following the 4R's of Nutrient Management ensuring the nutrients are applied to the Right place, from the Right source, at the Right rate and at the Right time," says Campbell.

The election of four directors for the co-operative was held. Re-elected to a three-year term are Richard Tanner from Appin and Patrick Vanheule from Thamesville. Newly elected is Bill McDonald from Thamesville and Mike Miller from Rodney. Board vice-president Scott McGeachy thanked retiring directors Larry Pajot and Paul Repko for their years of service on the board and to AGRIS owners. Immediately following the annual meeting, the directors met and elected John Nooyen as board president, Scott McGeachy as board vice president and Patrick Vanheule as secretary for 2017.

Co-operative Young Leader participants Andrea Lehn, Caleb Vink, Duncan and Carrie McDonald, John Nooyen Jr. and Riley Gosnell who were sponsored by AGRIS Co-operative this past year, made presentations about their experiences while attending the youth leadership program.

Kym Fysh, regional board director for GROWMARK, congratulated AGRIS Co-operative on a successful year and gave an informative presentation on the history of the GROWMARK System and its continued successful growth throughout Ontario and the United States.

AGRIS Co-operative Ltd. is a 100 per-cent farmer-owned grain marketing and farm-input supply company that serves more than 1,000 farmer owners in 14 locations in Essex, Kent, Elgin, Middlesex and Lambton Counties. It is a leader in precision farming technology, seed, agronomy and petroleum services. The co-operative is a partner of Great Lakes Grain, a grain merchandising company. AGRIS Co-operative is a member-owner of GROWMARK, Inc. and markets products and services under the FS banner.

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