CHATHAM, ONTARIO--(Marketwired - Jan. 18, 2016) - AGRIS Co-operative board president Larry Pajot announced at the co-operative's annual meeting today, that through patronage and interest, one million dollars will be returned to its farmer-owners.
The combined sales in 2015 for AGRIS Co-operative totaled $205 million. More than $2.1 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. In addition to this patronage, the board announced that over $500,000 had been paid on member interest bearing investments and that a $200,000 special share redemption has been authorized. "As important as the financials are, I think we are more excited about the re-investments in our older infrastructure," says Pajot. "We now have three fertilizer "Hubs" located in Cottam, Thamesville and Dutton with large amounts of storage and blending capability of 200 tonnes per hour which will greatly improve loading times for our owners and customers," added Pajot.
In his year-end report, AGRIS Co-operative general manager Jim Campbell commented that stronger earnings has not only provided for a higher patronage return for our owners, but also allowed for an increase in our retained earnings to nearly $18 million. "This healthy balance of retained earnings and owner investment gives your co-operative the financial strength to operate in this highly competitive and rapidly changing market," says Campbell.
The election of five directors for the co-operative was held. Re-elected to a three-year term are Jim Anderson from Kent Bridge and Scott McGeachy from Chatham. Newly elected is Neal Huber from Harrow, Allan Parks from Amherstburg and returning to the board is former director Jim Maw from Mooretown. Immediately following the annual meeting, the directors met and elected Larry Pajot as board president, Scott McGeachy as board vice president and Pat Vanheule as secretary for 2016.
Co-operative Young Leader participants Anna Papineau and Andrea Lehn who were sponsored by AGRIS Co-operative this past year, made presentations about their experiences while attending the youth leadership program.
GROWMARK Ontario region manager, Claude Gauthier recognized the AGRIS board's commitment to training and development. Directors Jim Anderson and John Nooyen were presented with a plaque for completion of the GROWMARK Advanced Director program. Kym Fysh, regional director for GROWMARK, gave an informative presentation on the history of the GROWMARK System and its continued successful growth throughout Ontario and the United States.
A lively panel discussion was also held on the emerging social licence affecting farmers with presentations from Dale Cowan, senior agronomist AGRIS Co-operative, Dave Buttenham, chief executive officer of the Ontario Agri-Marketing Association and Gabrielle Ferguson, environmental program specialist form the Ontario Ministry of Agricultural and Rural Affairs.
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.
Visit http://www.agris.coop and www.fssystem.com for more information.
