Dear UFC Members:
We are writing to provide you with an update regarding the merger between your cooperative and Crystal Valley. On behalf of the UFC leadership team and board of directors, we appreciate your patience and trust throughout this process.
The boards of directors from UFC and Crystal Valley held a joint meeting on Wednesday, May 31st, to carefully evaluate the merger proposal. After thorough consideration, the boards have decided not to proceed with a vote at this time. This decision was made after extensive analysis and discussion.
The merger study has proven to be a valuable experience for both cooperatives. It has provided us with fresh perspectives, valuable insights, and opportunities for improvement. Through the study, we identified overlapping areas where operational efficiencies can be enhanced. Moving forward, we will work with the Crystal Valley management team and board of directors to explore the most effective ways to capture select efficiencies. By leveraging our collective expertise and keeping open lines of communication, we aim to position both cooperatives for long-term sustainability, profitable growth, and effective equity management.
Although the decision has been made not to pursue the merger at this time, we want to emphasize that our commitment to exploring potential partnerships and collaborations remains. The UFC management team and board of directors are fully dedicated to addressing potential areas of opportunity and enhancing the capabilities of your cooperative to better position it for the future.
We understand the importance of continually improving and adapting to the evolving landscape of our industry. If circumstances change and an opportunity emerges that aligns with our shared goals and offers significant value to our patrons, we will give it serious consideration. Our priority is to ensure the long-term success and prosperity of your cooperative while delivering excellence in service to you, our valued patrons.
Thank you for your continued support. We look forward to a prosperous future and to serving you with excellence.
Jeff Manderscheid, Chairman of the Board
Mitch Altermatt, CEO/ General Manager