Central Ohio Farmers Cooperative (COFC), a full service cooperative founded in 1934 and based in Marion, has reached an agreement to purchase Prospect Farmers Exchange in Prospect.
Prospect Farmers Exchange (PFE) is a cooperative created in 1920 with a long, successful record of service to their customers. After a unanimous recommendation by its Board of Directors, the PFE stockholders voted overwhelmingly to accept the resolution to be purchased by COFC.
“Prospect Farmers Exchange had a strong history in agriculture. Being founded in 1920, it was one of a few single facility cooperatives left in the state,” said Jason Swartz, president of the PFE Board of Directors. “While we are proud of our heritage, which made this tough decision even harder, we are pleased to be able to offer our members and stockholders more resources and amenities through COFC.”
The transition to COFC will officially start March 1, 2016. PFE’s 7 employees will all stay on and join COFC’S 145 current employees. COFC has plans to invest in the facility’s infrastructure. Current PFE members will have the opportunity to apply for COFC membership, but membership is not required to do business with COFC.
“Prospect Farmers provides us with an additional 1.8 million bushels of grain storage on the CSX rail. We plan to combine our Waldo feed business with Prospect’s and run those out of Prospect with a true drive through experience. We will more fully stock their store with items needed by customers and the community and also plan to install a propane fill tank,” said Scott Crowder, President and CEO of COFC. “We recognize and appreciate the legacy of Prospect Farmers Exchange and look forward to getting to know their customers while offering them a wider range of services via grain marketing, propane, fuels, oils/lubes, and agronomic products.”
Crowder also added, “Prospect Farmers has much to be proud of. Led by their CEO, Tom Lasher, and their board of directors, this cooperative has been good for farmers and the Prospect community. We intend to carry that on.”
For more information about Central Ohio Farmers Coop and all of their divisions, visit their website at www.centralohfarm.com or call them at (800) 258-2213.
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