Mid-Iowa Cooperative to sell its shares in Shell Rock Soy Processing

Mid-Iowa Cooperative’s board of directors has approved the sale of MIC’s shares in Shell Rock Soy Processing LLC.

MIC was recently presented with a significant offer for its ownership in SRSP.

The offer validates the initial investment made two years ago to develop this modern soybean-processing plant.

“Selling MIC’s shares was no easy decision,” said Ben Bader, president of the MIC board. “We thought long and hard on this. MIC’s board and leadership have spent significant time on this project and anticipated keeping MIC’s ownership long-term. When we were presented with a high rate of return on our initial investment, we knew we’d succeeded in creating a new market that will generate significant returns for our members long term.”

The co-op’s CEO, Bruce Kempf, supports the sale of MIC’s shares in SRSP.

“This will allow MIC to accelerate improvements to its current assets, create new end-user opportunities, and return equity back to members,” Kempf said.

Bader thanked former MIC CEO Mike Kinley for developing the idea of SRSP and spearheading the project.

“Because of his efforts, producers will benefit for decades, and MIC’s balance sheet will be poised for future growth,” Bader said.

Kempf also appreciates how Kinley, who is now a strategic advisor for MIC, spent significant time and energy to develop the SRSP project in a way that MIC’s members would benefit for many years.

“A sale of this magnitude is proof of Mid-Iowa Cooperative’s forward-thinking approach and ability to seek out varied opportunities to support our cooperative’s long-term position,” Kempf said.

MIC is a progressive, farmer-owned company with significant investments in feed, grain and grain-processing assets.

MIC has 92 employees and 13 locations spanning five counties in Central Iowa.

The cooperative continues to rank high as one of the most profitable cooperatives in Iowa.