28 Feb 2013

Farmlands and CRT merger confirmed

6:12 pm on 28 February 2013

A merger between rural supply co-operatives, Farmlands and CRT, is a done deal after shareholders confirmed their approval in a second special vote, on Wednesday.

The merger, to take effect from 1 March, creates a nationwide operation with 54,000 members, more than 1000 employees and combined sales of $2 billion per year.

Farmland's 47 North Island farm supplies stores and CRT's 31 stores in the South Island will continue.

The two companies will distribute more than $8 million in an interim bonus shares and cash rebate to the shareholders. And there will be a further bonus issue of 32 million shares.

Farmlands chairman Lachie Johnstone will chair the establishment board of the merged business.