The Hillsboro Farmers Cooperative Board of Directors signed a letter of intent July 15 to pursue a merger with United Cooperative, based in Beaver Dam, Wis.
“This is a very positive move for the Hillsboro Farmers Cooperative members,” said Larry Swalheim, Hillsboro Farmers Cooperative General Manager. “Merging with United Cooperative will give us the best solution to modernize our facilities, be competitive in the marketplace, protect our members equity, and generate excellent earnings to our members. United Cooperative is very financially successful, and they have experience merging with other cooperatives.”
In the coming months, there will be a series of meetings with Hillsboro Farmers Cooperative employees and patron members about the proposed merger. Ballots will be mailed to the Hillsboro Farmers Cooperative voting members in August. If approved, the merger will take effect Oct. 1, 2013.
Hillsboro Farmers Cooperative is projecting revenues for the fiscal year ending Sept. 30, 2013, to be near $60 million. They have feed, grain, agronomy, energy, and retail locations in Hillsboro, Kendall, Wilton, Yuba, Wonewoc, Ontario, and Cazenovia.
Formed in 1936, United Cooperative is a full-service cooperative with feed, grain, agronomy, fuel, lubricant, and propane locations throughout Wisconsin. They documented $643 million in sales in 2012, up $120 million from 2011 due to internal growth and three mergers in northern Wisconsin. United Cooperative employs about 650 full-time, part-time and seasonal Wisconsin employees.