|By Marketwired .||
|December 2, 2012 07:23 PM EST||
LONDON, ONTARIO and MANKATO, MINNESOTA -- (Marketwire) -- 12/03/12 -- Masterfeeds Inc. and Ridley Inc. (TSX:RCL) announced today the successful completion of the merger of their respective commercial livestock and poultry feed and nutrition businesses in Canada into a new entity called Masterfeeds LP. The merger agreement, previously announced on October 18, 2012, was subject to the execution of definitive agreements and normal conditions including regulatory approvals, which have now been completed.
The merger joins Ridley's Feed-Rite brand with Masterfeeds to create the second largest feed provider in Canada operating, among other things, 22 feed manufacturing plants and employing over 500 people in a business spanning across Quebec, Ontario and the Prairie Provinces. Rob Flack, President and Chief Executive Officer of Masterfeeds Inc., was named CEO of Masterfeeds LP. The new entity is headquartered in London, Ontario.
About Masterfeeds Inc.: Masterfeeds (www.masterfeeds.com) has an 83-year history of research, innovation and service to animal agriculture in Canada. Headquartered in London, Ontario, Masterfeeds is a wholly-owned subsidiary of Ag Processing Inc. (AGP). AGP (www.agp.com), headquartered in Omaha, Nebraska, is a farmer-owned cooperative engaged in the procurement, processing, marketing and transportation of grains and grain products. AGP, which acquired Masterfeeds in 1991, is owned by 175 local cooperatives representing over 250,000 farmers throughout the Midwest, and five regional cooperatives representing farmers throughout the U.S. and Canada.
About Ridley: Ridley Inc. (www.ridleyinc.com), headquartered in Mankato, Minnesota, is one of North America's leading commercial animal nutrition companies. Ridley manufactures and distributes a full range of animal nutrition products under a number of highly regarded trade names. Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL). Visit our website at www.ridleyinc.com.
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