MKC Announces Intent to Merge
Dec 16, 2021
Progressive Ag Cooperative and MKC Announce Intent to Merge
WELLINGTON, Kan. And MOUNDRIDGE, Kan. – The Board of Directors of both Progressive Ag Cooperative and MKC have unanimously approved a Letter of Intent to pursue an Agreement and Plan of Merger, which if supported by the members of Progressive Ag Cooperative, would result in the merger of Progressive Ag Cooperative with MKC.
Board Chairman for Progressive Ag Cooperative Derek Totten says the board recognized the value this merger would bring to member-owners and is very excited about the opportunity. “After considerable due diligence, we believe unification is the best way to generate stockholder value and benefits, compete in the marketplace, and build a strong foundation for the future,” Totten says.
“This merger would provide improved efficiencies in operations where both companies currently have grain assets, create opportunities to expand our technology and other services to producers’ operations in our footprint, resulting in improved financial performance, and ensuring our relevancy in the industry,” Totten says. “Increasing and improving the value to both members and employees of Progressive Ag Cooperative is our primary focus.”
Noting similar visions and values, Allan Wegner, MKC Board Chairman commented the merger would be a natural fit. “Together, we have identified benefits and we look forward to working together for the future of our cooperatives, the members and our employees,” Wegner said. “The synergy we can gain by combining the two organizations will allow our cooperatives to continue to achieve more success.”
Progressive Ag Cooperative and MKC are currently finalizing due diligence and developing the required merger documents to be approved by both boards. A vote by Progressive Ag Cooperative members will be required to approve the merger, which is anticipated to take place early in 2022.
About Progressive Ag Cooperative Association
Progressive Ag Coop is a full-service farm cooperative servicing it’s members and communities in Sumner and Harper County areas. Progressive Ag’s Parent Cooperatives are Danville Coop, Est. 1952 and Wellington Farmers Coop, Est 1957. Progressive Ag Coop prides itself on customer partnering and service to our 1200+ members and communities with dedicated employees contributing over 385 years of combined service. Learn more about Progressive Ag Coop at www.Proagcoop.com .
About MKC
MKC is a full-service farm cooperative offering a complete line of products, programs and services for both farm and urban customers throughout Kansas. With a current membership of more than 8,300 members, MKC specializes in grain, agronomy, energy, feed and risk management. Since its founding in 1965, MKC has expanded its footprint to meet the changing demands of agriculture and to serve the needs of the producer. Learn more about MKC at www.mkcoop.com.
WELLINGTON, Kan. And MOUNDRIDGE, Kan. – The Board of Directors of both Progressive Ag Cooperative and MKC have unanimously approved a Letter of Intent to pursue an Agreement and Plan of Merger, which if supported by the members of Progressive Ag Cooperative, would result in the merger of Progressive Ag Cooperative with MKC.
Board Chairman for Progressive Ag Cooperative Derek Totten says the board recognized the value this merger would bring to member-owners and is very excited about the opportunity. “After considerable due diligence, we believe unification is the best way to generate stockholder value and benefits, compete in the marketplace, and build a strong foundation for the future,” Totten says.
“This merger would provide improved efficiencies in operations where both companies currently have grain assets, create opportunities to expand our technology and other services to producers’ operations in our footprint, resulting in improved financial performance, and ensuring our relevancy in the industry,” Totten says. “Increasing and improving the value to both members and employees of Progressive Ag Cooperative is our primary focus.”
Noting similar visions and values, Allan Wegner, MKC Board Chairman commented the merger would be a natural fit. “Together, we have identified benefits and we look forward to working together for the future of our cooperatives, the members and our employees,” Wegner said. “The synergy we can gain by combining the two organizations will allow our cooperatives to continue to achieve more success.”
Progressive Ag Cooperative and MKC are currently finalizing due diligence and developing the required merger documents to be approved by both boards. A vote by Progressive Ag Cooperative members will be required to approve the merger, which is anticipated to take place early in 2022.
About Progressive Ag Cooperative Association
Progressive Ag Coop is a full-service farm cooperative servicing it’s members and communities in Sumner and Harper County areas. Progressive Ag’s Parent Cooperatives are Danville Coop, Est. 1952 and Wellington Farmers Coop, Est 1957. Progressive Ag Coop prides itself on customer partnering and service to our 1200+ members and communities with dedicated employees contributing over 385 years of combined service. Learn more about Progressive Ag Coop at www.Proagcoop.com .
About MKC
MKC is a full-service farm cooperative offering a complete line of products, programs and services for both farm and urban customers throughout Kansas. With a current membership of more than 8,300 members, MKC specializes in grain, agronomy, energy, feed and risk management. Since its founding in 1965, MKC has expanded its footprint to meet the changing demands of agriculture and to serve the needs of the producer. Learn more about MKC at www.mkcoop.com.