HUNDREDS ATTEND MIDWEST FARMERS COOPERATIVE INFORMATIONAL MEETINGS ON PROPOSED MERGER WITH ALCECO
Sheldon, Iowa (August 27, 2008) – Hundreds of Midwest Farmers Cooperative patrons attended informational merger meetings on August 25, 2008 in Sheldon, Maurice, and Sutherland. Troy Upah, CEO of Ag Partners, LLC., Skip Hein, General Manager of Midwest Farmers Cooperative, Dixon Van Meeteren, Board Chairman of Midwest Farmers Cooperative, and Jim Franzmeier, Board Chairman of Alceco all took part in presenting the proposed merger details between Midwest Farmers Cooperative and Alceco.
“We were elated with the attendance, great dialog, and the strong support that we’ve received during and since the meetings”, stated Dixon Van Meeteren, Board Chairman of Midwest Farmers Cooperative. “We believe this merger is in the best interest of our members for many reasons including the fact that 100% of our patrons local equity will be paid out over a five year period, with over one million dollars being paid to our members the first year. The merger will also help our combined companies keep and attract great people, provide greater access to capital, while still giving Midwest Members board representation with the new company thus maintaining our local influence.”
“These meetings proved to be a great forum in which we could provide facts to the Midwest members as it pertains to the proposed merger, while providing some insight to members as to the inner-workings of the current Alceco business”, says Jim Franzmeier, Board Chairman of Alceco. I was asked, I can see why Midwest Farmers Cooperative would want to merge with Alceco, but why does Alceco want to merge with us? “The answer was simple, we share similar values. As a joined company we will both be stronger and better equipped to serve the long term needs of our members”.
The board of directors of Midwest Farmers Cooperative strongly encourages all Class A members to vote on this merger, and a yes vote is highly recommended. All Midwest Class A Members will be receiving an informational packet which will include the official ballot in the mail the week of September 1, 2008. All ballots must be returned by September 19, 2008 to the Midwest Farmers Cooperative office in Sheldon, Iowa.
Any questions pertaining to the proposed merger of Midwest Farmers Cooperative and Alceco should be directed to any Midwest Farmers Cooperative Board Member or by calling 1.877.756.5460.
Midwest Farmers Cooperative has locations at Sheldon, Matlock, Hospers, Norwest Ag in Boyden, Maurice, Orange City, Carnes, Alton, Sutherland, Le Mars and Merrill. Alceco, through its Ag Partners’ joint venture, operates facilities in Sheldon, Hartley, Calumet, Alta, Emmetsburg, Fonda, Royal, and Albert City.
