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Land O'Lakes SUSTAIN Acquires Agren, Reports Results for Second Quarter 2018

Land O'Lakes SUSTAIN Acquires Agren, Reports Results for Second Quarter 2018


ARDEN HILLS, MN
Wednesday, August 1st, 2018

This week, Land O’Lakes reported its quarterly financial results from the second quarter ending June 30, 2018 as well as announced that its subsidiary Land O’Lakes SUSTAIN has acquired all assets of Agren, an Iowa-based soil health and conservation software company that Land O’Lakes has held minority equity in since 2016.

Beth Ford, President and CEO, Land O'Lakes"The diversity of our business portfolio and our consistent 'long view' approach to growth equips Land O'Lakes to continue making steady progress, even as we face significant headwinds across the agricultural economy," said President and CEO Beth Ford. "It's an important and exciting time to be at Land O'Lakes because our solid financial footing, clear plan for growth, and commitment to innovation by farmers and employees keep us nimble and confident during a time of uncertainty and change in our industry. We'll continue building on what's worked, with new value-added branding, expansion in high-potential markets and product categories, and innovative business models that leverage our 'farm-to-fork' scope."

 Land O’Lakes SUSTAIN has acquired all assets of Agren, an Iowa-based soil health and conservation software company that Land O’Lakes has held minority equity in since 2016

According to a press release, Land O’Lakes saw the following financial results:

  • Quarterly net sales of $4.2 billion compared with 2017 second quarter net sales of $3.7 billion
  • Net earnings of $67.2 million compared with 2017 net earnings of $113.0 million
  • Year-to-date net sales totaled $8.1 billion compared to 2017 net sales of $7.3 billion
  • Year-to-date net earnings of $182.9 million compared to net earnings of $222.9 million for the same period in the prior year

In addition, Land O’Lakes SUSTAIN’s acquisition of Agren is already boosting the company’s conservation and stewardship tool kit by offering farmers and ag retailers an industry-leading comprehensive soil health platform through SoilVantage. Agren's software also complements the company’s existing capabilities aimed at safeguarding water quality, reducing erosion, and improving soil health. According to a company press release, Agren will be operated by the Land O’Lakes SUSTAIN division following the acquisition.

Matt Carstens, Senior Vice President-SUSTAIN, Land O' Lakes Inc."This acquisition bolsters our goal at Land O'Lakes SUSTAIN to be industry leaders in conservation stewardship and sustainability, helping to ensure Land O'Lakes and the farmers we serve can lead the way on stewardship using the latest technology in our industry," said Matt Carstens, Senior Vice President of Land O'Lakes SUSTAIN. "By strategically designing conservation practices and visualizing results using these innovative tools, retailers and farmers can maximize conservation benefits while keeping productive land in farming. It's one more way Land O'Lakes is leading in the conservation arena."

For more information on Land O’Lakes’ quarterly report and acquisition, visit the company’s website here.

Land O'Lakes
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