Agfarm sell-off to cut Aussie ownership
Global trading co-operative CHS Inc has taken a 50 per cent stake in independent grain marketer Agfarm.
Prior to the sale, Agfarm prided itself on being 100 per cent Australian owned - 51 per cent owned by Ruralco Holdings and 49 per cent owned by Australians who worked in the business.
It was announced on Monday that Ruralco would retain a 50 per cent share along with CHS.
Agfarm founding chief executive Bob McKay said CHS was a farmer-owned co-operative with a core commitment to helping its customers grow their business - meaning its focus was aligned with Agfarm's grower focus and goals to improve client outcomes and keep their operations for "generations to come."
"CHS will provide Agfarm with global grain intelligence, strong marketing expertise and broader export opportunities," he said.
"It will also provide the support to enable us to develop more innovative products and services.
"CHS is owned by growers and trades 52 million tonnes of grain and oilseed annually, to more than 65 countries."
Ruralco managing director John Maher said Agfarm would continue to offer growers independent marketing and sale of grain.
CHS agricultural business senior vice-president Richard Browne said CHS was looking forward to working alongside Ruralco.
"Throughout our global grain marketing network our success has been built on our strong commitment to finding long-term, valued solutions for growers," he said.
Mr McKay will remain with the business as chief executive.
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