ANNUAL MEETING UPDATE
May 01, 2019
Our annual meeting took place on April 10th. 2019. Thanks to those patrons that were able to attend. The coop had a solid year in 2018 even though there were different challenges in our three businesses; Agronomy, Energy and Retail. The pressure our growers are realizing on crop prices forced many of them to make tradeoffs that effect our business. We have been laser focused on reducing our cost by looking at every part of our business. With the extreme cold weather in 2018 and with the additional new customers, we were able to grow our energy business. The retail business continues to have pressure from competitors, however our focus on customer service has created loyalty. We also believe more patrons are utilizing our retail stores for their needs. As a team we continue to leverage all three business and our employee base to improve our performance. We know we are better working together as one team. We call this the “Power Of One”. The acquisition of the Moose Lake assets (Agronomy plant, Feed store and C-store) in 2018 helped us drive our topline sales and we are set up for additional growth in 2019 and beyond. We also know we solidified our reputation in this market where we have many energy customers.
Also at the meeting 4 Board Members were re-elected to serve 3 year terms. The Board Members re-elected were: Paul Berning, Brad Rootkie, Todd Steffen, and Mike Wayrynen. These board members represent a cross section of our geography and patrons.
All the employees at Federated appreciate the support and commitment to coop system.