The Chatham-based Agris Co-operative will return patronage and interest of $1 million to its farmer-owners and investors.
Agris reported 2019 sales of more than $220 million, with $2.44 million allocated to support its operations, according to a media release regarding the co-op’s annual meeting on Jan. 15.
Patronage rebates will be issued as 40 per cent cash and 60 per cent stock. Total retained earnings for the co-operative in 2019 amounted to almost $27 million, the board of directors reported.
Co-op president John Nooyen had words of encouragement following a challenging crop year: “The future is bright, and we have a lot to be thankful for.”
“Next year we look forward to Agris Co-operative’s 100-year anniversary,” he said. “Trust, knowledge and technology will take us through the next 100 years, and we should be proud of all that we have accomplished.”
In his year-end report, co-operative general manager Jim Campbell said, “the co-operative is ready to capitalize on the opportunities or withstand challenges that may present themselves into the future and is in a good financial position.
“Even with the highest DON levels in corn ever recorded and poor winter wheat planting conditions, we had very strong grain intake combined with basis gains at year-end offsetting weaker plant food and fuel results,” Campbell added.
Campbell reiterated for owners the positive year Agris experienced on the balance sheet, including owners’ equity that now exceeds $30 million.
Elected to a three-year term on the board were Pat Vanheule and Bill McDonald from Thamesville, Jim Maw from Mooretown and Scott McGeachy from Chatham.
Following the annual meeting, Nooyen was re-elected as board president. McGeachy will serve as board vice-president while Vanheule will serve as secretary.
Agris serves more than 1,000 farmer owners in 14 locations in Essex, Kent, Elgin, Middlesex and Lambton counties.