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SubscriptionsGo to the Subscriptions Centre to manage your:My ProfileAgricore and United Grain Growers two giants in Manitoba’s agriculture industry are combining their operations to form the largest grain handling company in Canada.The new company, called Agricore United, will control an estimated 40 per cent of the market and move 12 million tonnes of grain annually through 188 elevators across Canada.UGG president Ted Allen says changes in the marketplace forced the two rivals to combine forces.”It’s been very clear to almost everyone in the industry for some time that there had to be some kind of consolidation, and we decided collectively that we were going to be there first,” Allen said.Most of the shareholders in the companies are farmers,
ugg.co.uk UGG merging
and Agricore United officials admit some may not welcome the merger.Agricore is the last grain co operative in Canada, and many may not welcome the loss of competition.”It gives us fewer options to market our produce,” says farmer Eugene Lemoine, who has used co ops to move his crops to market for years. Agricore is Canada’s last grain co op.However, the two firms say combining the operations will generate significant benefits for members and shareholders of both companies. The companies expect the merged operations to save $50 million per year in operating costs.Allen says the boards will explain the benefits of Agricore United in a series of meetings over the summer. There is no word on how many jobs or grain elevators will be lost in the merger.
ugg.co.uk UGG merging