USA- The members of Indiana-based agriculture and energy cooperatives, Ceres Solutions Cooperative, Inc. and Co-Alliance Cooperative, Inc., have inordinately voted in favor of a proposed merger.
The merger, effective from March 1, 2024, will result in the formation of a new farmer-owned cooperative called Keystone Cooperative, Inc.
This merger aims to provide an unmatched customer experience and equip farmer-owners with the necessary resources to thrive in the future.
Spanning across Indiana, Ohio, Michigan, and Illinois, Keystone Cooperative will operate in four core divisions: Energy, Agronomy, Grain, and Swine and Animal Nutrition.
With a workforce of over 1,700 dedicated team members and an estimated annual revenue of US$3 billion, Keystone Cooperative is poised to make a significant impact in the industry.
The boards of Ceres Solutions and Co-Alliance have carefully selected experienced leaders to guide the newly founded cooperative, with Kevin Still, president & CEO of Co-Alliance, assuming the role of President & CEO of Keystone Cooperative.
Jeff Troike, CEO of Ceres Solutions, will become the Executive Vice President, working alongside Scott Logue, the current Executive Vice President of Co-Alliance.
“Keystone Cooperative brings together two financially strong, legacy-rich, and highly successful cooperatives,” Kevin Still commented. “This historic merger creates a cooperative that is equipped to navigate the ever-changing markets of today’s agriculture and energy industries. We are committed to maximizing efficiencies, capitalizing on technology, and enhancing the customer experience while preparing for the needs of our future stakeholders.”
Jeff Troike added that his cooperative has recognized the value of the merger and is looking forward to fulfilling our promise of a cooperative that is focused on the success of its members, the vitality of its rural communities, and providing an unparalleled return for its farmer-owners.
The decision to merge Ceres Solutions and Co-Alliance was preceded by a thorough due diligence process that began late last year and a successful joint venture named Endeavor Ag & Energy.
This collaborative effort serves Central Michigan in the areas of agronomy, propane, and feed. The positive outcomes of this partnership have underscored the collaborative capacity of both cooperatives and paved the way for a successful merger.
Rick Brubaker, Chairman of Ceres Board of Directors, emphasizes the value of the merger and the potential for synergies.
“Our partnership with the Endeavor business in Michigan showcased the collaborative strength of our organizations. We are excited to witness this team unlock even more synergies with our broader businesses.”
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