CHS Inc. and Shipman Elevator Explore Business Partnership
INVER GROVE HEIGHTS, MINN, – CHS Inc., Fortune 100 energy, grains and foods company, and Shipman Elevator Company, have signed a letter of understanding to explore a formal business partnership. If approved by the membership of both companies, the two would combine to enhance agricultural services to producers and consumers within the southwestern Illinois trade territory now served by Shipman.
A proposed business agreement will be discussed at Shipman member meetings and will be voted upon by its stockholders in October.
According to Bart Baker, Shipman general manager, “Enhancing our relationship with CHS offers Shipman Elevator Company and its producer/owners an opportunity to become part of a global company, while remaining focused on serving the needs of our members,”
“The business opportunity is a strategic move for both companies,” explained John McEnroe, senior vice president, CHS Country Operations division. “And it aligns well with the CHS commitment to return value to member-owners.”
Founded in 1919, Shipman Elevator Company (www.shipmanelevator.com ) provides agronomy, grain and energy products and services from Illinois locations in Macoupin, Jersey, and Bond Counties. Its mission is to be a sustainable, progressive agribusiness, committed to meeting customer needs and exceeding customer expectations.
CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 100 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across the United States. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS is listed on the NASDAQ at CHSCP.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management’s estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2010, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
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