Fertilizer expansion highlights FCL’s plans for 2017
February 27, 2017
Diverse businesses, new investments and local connections are helping Federated Co-operatives Limited (FCL) confront challenges in today’s turbulent economy, FCL CEO Scott Banda told the organization’s 88th Annual Meeting.
More than 315 delegates, representing more than 190 independent retail co-operatives that comprise the Co-operative Retailing System (CRS), were in attendance as Banda discussed FCL’s 2016 results and plans for the upcoming year, which includes a major expansion into the fertilizer industry.
“The resource sector downturn has created challenges for our organization, yet we continue to invest in our home communities,” FCL CEO Scott Banda told delegates.
“Our diversity and long-term outlook, combined with the partnership with, and resiliency of, our retail co-operative member-owners, will help us contribute to the Western Canadian economy and support communities into the future.”
Millions returned to local co-ops
For the fiscal year ending Oct. 31, 2016, FCL reported revenues of $8.4 billion from its energy, food, home and building and agriculture business lines. From net earnings of $515 million, FCL returned $364 million in patronage allocations to local retail co-op members.
Over the past 10 years, FCL has returned more than $4.5 billion in patronage allocations to these local retail co-ops. This money is reinvested into their operations to address the needs of 1.8 million active Co-op members and many more customers in communities across Western Canada.
Investing in local communities
This spring, FCL will open new high-throughput fertilizer terminals in Hanley, Sask., and Brandon, Man. Built at a combined cost of $75 million, the new facilities will warehouse, blend and distribute a full suite of crop nutrition products throughout the CRS, enhancing the agricultural products and services local retail co-ops already provide.
In 2017, FCL will also support dozens of local organizations and causes throughout Western Canada:
- Co-op Community Spaces will award up to $2 million to local community organizations. Last year, the program funded 21 recreation, conservation and urban agriculture initiatives across Western Canada.
- A $1 million commitment to the Wanuskewin Heritage Park will support the non-profit’s Thundering Ahead campaign, which is raising funds to expand and renovate its park and heritage site outside Saskatoon.
More information about these programs, as well as FCL’s 2016 Annual Report, are available at www.fcl.crs.