(Cherokee)– A merger of two northwest Iowa ag cooperatives may be in the works.
Officials with Albert City-based Alceco and Cherokee-based First Cooperative Association announced today (Tues.) they have signed a letter of intent to “conduct a unification study between the two cooperatives”.
In a joint statement, the boards of directors of the two cooperatives say they believe the timing for the study is right, adding each is financially strong and that they believe they can “approach the opportunity from a position of strength while ensuring local ownership and control.”
They add the non-binding agreement allows the cooperatives to move ahead with the first phase of performing due diligence and that once that’s done, the results of the study will be shared with each cooperative’s patrons.
The statement doesn’t mention a timeline for completing the study.
