Official Newspaper of Eddy County since 1883
Official Newspaper of Eddy County since 1883
Members will make final decision with August 21 vote
CenDak Cooperative and Fessenden Cooperative Association have announced that both boards have agreed to sign the definitive agreement to merge between both cooperatives.
According to a press release from the cooperatives, Fessenden and CenDak Cooperative have a long history of providing strong returns to their members, and both organizations are financially and operationally strong because of employees who are committed to serving each organization's customer base.
Cooperative leaders say that a stronger organization will be more efficient, provide strong customer service, and return value to members and stake holders. The press release states that there are "tremendous synergies between the two co-ops that will be further explored as part of a consolidation analysis."
"It has been (a privilege) to serve the members of Fessenden Cooperative," said Curt Olson, board president of Fessenden. "Throughout that time, we have always been on the look out for additional growth and business opportunities that would allow us to compete in a very competitive marketplace. Potentially partnering with CenDak Cooperative is another opportunity to partner with a like-minded organization that is equally dedicated to serving its membership, employees and ... the communities, we live and work in."
Steve Jorgenson, board chair of CenDak Cooperative, stated "Our two organizations share much in common, including geography and membership. We also complement one other with different businesses, such as energy/retail, and together can combine the strength of our respective agronomy and grain divisions. We are interested in learning more about what a partnership could bring to us as a joint entity and position us for generations to come."
The consolidation study was led and facilitated by the Land O'Lakes Strategic Asset Management Team, appointed by both boards.
The cooperatives say that the leadership teams from both companies have demonstrated the synergies and potential benefits of a merger, leading to the signing of the unification agreement by both boards.
A membership vote is scheduled for August 21, 2023 to finalize the merger. Prior to the voting date, both cooperatives will hold membership meetings to provide further information and address any questions.
CenDak Cooperative strives to be the leader in ag supplies, petroleum and grain as a trusted, reliable, knowledgeable partner for their members. They are also valued supporters of the communities which they serve. Today, CenDak operates locations in the following communities: Esmond, Harvey, Leeds, Maddock, Minnewaukan, New Rockford and Niles. Website: cendakcooperative.com. Contacts: Steve Jorgenson, board chair, 701-740-3701; Tony Gratton, general manager, [email protected], 701- 466-2281.
Fessenden Cooperative Association, a farmer-owned and operated local cooperative, is committed to providing its members with markets for grain and grain products as well as supplying farm-related supplies. Today, Fessenden operates locations in the following communities: Carrington, Esmond, Fessenden, Hamberg, Harlow, Maddock, New Rockford, Oberon and Sheyenne. Website: fesscoop.com. Contacts: Curt Olson, board president, 701-341-1555; Mark Hovland, general manager, [email protected], 701-547-3004.
