Farm Credit Canada Supports Growth at La Coop fédérée
MONTREAL, Oct. 16, 2012 /CNW Telbec/ - Following the International Summit of Cooperatives, which took place on October 8th to 11th in Quebec City, La Coop fédérée is pleased to confirm the major partnership with Farm Credit Canada (FCC) first announced this past summer. As the International Year of Cooperatives comes to a close, it is important to highlight this collaboration as this association is, for La Coop fédérée, an excellent recognition of what can be achieved through the cooperative model.
FCC is consolidating an existing credit provision and will proceed with an immediate additional payment of $33.6 million to La Coop fédérée. La Coop will use this financing to pursue its mission and vision of a future composed of a renewed agricultural initiative, a strategic development in green energy, a strong model of agricultural cooperation and a new social contract. This new loan will be repaid by 2022.
"We are very pleased with the vote of confidence that FCC has given us once again. The fact that a partner of such quality, which has an unparalleled understanding of the issues important to La Coop fédérée, is supporting us financially bodes well for our future. Such a vote of confidence is particularly significant in the context where the agricultural world is being completely transformed while offering excellent opportunities to those who know how best to position themselves and seize them," declared Denis Richard, President of La Coop fédérée.
"Over the years, La Coop fédérée has shown itself to be a leading player in the agri-food industry while also holding an important place in our economy. In light of the results that La Coop fédérée has achieved to date, with its solid financial situation and clear strategic plan, it was natural for us to support them in their development," said Sophie MacDonald, Vice-President of Agribusiness and Venture Capital at FCC.
About La Coop fédérée
Founded in 1922, La Coop fédérée is the largest agri-food company in Quebec, and ranks amongst the 100 largest co-operatives and mutual societies in the world, across all sectors. It is owned by more than 90,000 members grouped into 103 cooperatives located in several Canadian provinces.
La Coop fédérée is present throughout the agri-food chain and, as well as being a wholesaler, it also provides agricultural producers with all the goods and services they require for their farming operations. The network has five brands: Elite and La Coop (animal and crop production, grain marketing), Unimat (hardware and farm machinery), Sonic (energy) and Olymel (meat processing). La Coop fédérée employs over 10,000 people with sales totaling $4.6 billion.
About Farm Credit Canada
As Canada's leading agriculture lender, FCC is advancing the business of agriculture. With a healthy portfolio of more than $24 billion and 19 consecutive years of portfolio growth, FCC is strong and stable - committed to serving the industry through all cycles. FCC provides financing, insurance, software, learning programs and other business services to producers, agribusinesses and agri-food operations. FCC employees are passionate about agriculture and committed to the success of customers and the industry. For more information, visit www.fcc.ca.
SOURCE: LA COOP FEDEREEFor further information:
Ben Marc Diendéré
Communications Director, La Coop fédérée
Éva Larouche (bilingual)
Senior Strategist, Media Relations and Social Media
Farm Credit Canada