WINNIPEG, Manitoba–(BUSINESS WIRE) –Ag Growth International Inc. (“AGI” or “The Company”) (TSX: AFN) today announced that Tim Close has stepped down as president and chief executive officer and stepped down as director of AGI to pursue other opportunities. The Board of Directors has appointed Paul Householder, AGI’s current chief operating officer, as president and chief executive officer. Mr. Close agreed to remain with the company as a consultant until the end of the year to ensure a smooth transition.
“On behalf of the Board of Directors and all AGI staff, I want to thank Tim for his service and passionate dedication to AGI and all of its stakeholders, and for his outstanding leadership and valuable contributions to AGI’s strong position today,” said Bill Lambert, chairman of the board. “Tim joined the company in August 2012 as Vice President of Strategic Planning and Development, was named President in March 2015, and became President and CEO in January 2016. having led the acquisition of more than 25 businesses, initiated the Company’s strategic entry into the digital agriculture space, built an outstanding senior management team, and in the process of transforming AGI from a regional grain processing equipment manufacturer into a diversified truly global food infrastructure leader. It has been a pleasure working with Tim as we have achieved these goals. Tim is a very talented leader and we wish him well in his future endeavours.”
“I am extremely proud of our achievements at AGI over the past 10 years and the role I have played in helping AGI grow, diversify and prosper,” said Tim Close.I am also immensely proud of the team I built at AGI and how we have successfully handled many challenges, including the Covid-19 pandemic. Our continued record performance demonstrates the soundness of our 2015-2020 investment phase and our 5-6-7 strategy to diversify our business into new products, markets, customers and regions. I am confident that AGI is well positioned for continued success and I have no doubt that Paul will be able to lead the company’s next phase of profitable growth.”
Mr Lambert added:We are fortunate to have Paul Householder as our President and CEO. Paul joined AGI in 2019 after a long and successful career in the industrial chemicals sector, where he managed a significant global business with multiple locations across multiple regions. Since joining the company, Paul has earned the respect of our Board of Directors and is highly regarded throughout our organization. Paul has recently led projects to deepen the level of integration and optimization of many of our businesses, and his commitment to operational excellence will serve us well. The board has full confidence in Paul’s ability to lead AGI.”
Mr Householder said:It is a privilege to serve as President and CEO of AGI. I am delighted to take on this new role and lead AGI in its current phase of operational integration and optimization, de-leveraging and organic growth. With the strength of the diversified and sustainable global business that AGI has built over the past few years, and the continued hard work and dedication of the exceptional AGI team, I look forward to building on AGI’s past success and continuing to drive profitable growth at AGI. .”
About Paul Householder
Paul joined AGI in 2019 as Executive Vice President of International Affairs, responsible for leading all aspects of AGI’s business outside of North America. In 2020, Paul was named Executive Vice President of Global Extended Operations, including coverage of AGI’s North American businesses. In 2021, Paul was named Chief Operating Officer, providing strategic, organizational and administrative direction for the day-to-day operations of AGI’s business.
Prior to joining AGI, Paul spent 28 years at Air Products and Chemicals, where he held several senior positions, including General Manager with full P&L ownership of the US and Brazil operations. In addition, Paul has held several global leadership roles with a focus on continuous improvement, business development, sales and engineering.
Paul holds a bachelor’s degree in mechanical engineering from Lafayette College, an MBA from Lehigh University, and an Executive Leadership Program at Harvard.
AGI Company Profile
AGI is a global food infrastructure solutions provider, including seed, fertilizer, grain, feed and food processing systems. AGI has manufacturing facilities in Canada, USA, Brazil, India, France and Italy and distributes its products worldwide.
This press release contains forward-looking statements and information (collectively, “forward-looking information”), within the meaning of applicable securities laws, that reflect our expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities. . All information and statements contained herein, which are not expressly historical in nature, are forward-looking information, and the words “anticipate”, “estimate”, “believe”, “continue”, “could”, “expect”, “intend”, “plans”, “will”, “may”, or similar expressions that suggest future conditions or events, or the negation of these terms, are generally intended to refer to forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those expected in such forward-looking information. In addition, this press release may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information as there is no guarantee that the plans, intentions or expectations on which it is based will come true. In particular, forward-looking information in this press release includes information relating to our business and strategy. Such forward-looking information reflects our current beliefs and is based on information currently available to us, including certain key expectations and assumptions regarding: the expected impact of the COVID-19 pandemic on our business, operations and financial results; future debt levels; expected grain production in our markets; financial indicators; business prospects; strategies; pricing for products and resources; regulatory developments; tax law; the sufficiency of the budgeted capital expenditures for the implementation of the planned activities; political events; currency exchange and interest rates; Cost of materials; labor and services; the impact of competition; overall stability of the economic and regulatory environment in which the Company operates; obtaining any necessary regulatory and third party approvals in a timely manner; the Company’s ability to obtain and retain qualified personnel and services in a timely manner and at minimal cost; timing and payment of dividends; the Company’s ability to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; and the Company’s ability to successfully market its products and services. Forward-looking information is subject to significant risks and uncertainties. A number of factors could cause actual results to differ materially from those discussed in the forward-looking information, including the effects of global outbreaks of pandemics or infectious diseases, or concerns about such outbreaks, such as the recent COVID-19 pandemic, including the impact on operations, personnel, and supply chain. of the Company’s supply, the demand for its products and services, its ability to expand and manufacture products in new geographic markets or the timing of such expansion efforts, as well as general economic conditions, customer confidence and spending levels, changes in international, national and local macroeconomic and business conditions , as well as socio-political conditions in certain local or regional markets, weather conditions, planting crops, crop yields, crop conditions, harvesting dates and conditions during harvesting, the ability to manage the implementation of the Company’s business plan, seasonality, industry cyclicity b, volatility of production costs, agricultural cooperation. trendy prices, cost and availability of capital, currency exchange and interest rates, availability of credit for clients, competition; changes in trade relations between the countries in which the Company does business, including between Canada and the United States; cybersecurity risks; the risk that the assumptions and estimates underlying the loss provision in the Company’s financial statements and associated insurance coverage prove incorrect as the Company obtains additional information; and the risk of litigation in respect of equipment or work previously delivered or completed, or in relation to other matters, and the risk that AGI will incur material liabilities in connection with such litigation, which are not covered by insurance in whole or in part. These risks and uncertainties are described in the “Risks and Uncertainties” section of our latest MD&A filing and Annual Information Form, all of which are available on the Company’s profile on the SEDAR website (www.sedar.com). These factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking information. We cannot assure readers that actual results will be in line with this forward-looking information. Readers are also cautioned that the preparation of financial statements in accordance with IFRS and Canadian accounting principles generally accepted for private entities requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, income and expenses and disclosures of contingent liabilities. . These estimates are subject to change, with both negative and positive impacts on earnings, as additional information becomes available and the economic environment changes. The warning information contained in this document is expressly limited in its entirety by this cautionary statement. The forward-looking information included in this press release is as of the date of this press release and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, unless required by applicable securities laws. papers.