Michigan-based Caledonia Farmers Elevator (CFE) and Indianapolis-based Keystone Cooperative will ask their farmer-members to approve a merger after the boards of both cooperatives unanimously voted to move the proposal forward.
The cooperatives announced the decision Oct. 29 in a joint release after a three-month due diligence process. Farmer-members of both organizations can vote throughout November and at a special meeting Dec. 15, 2026.
CFE serves member farmers across west and central Michigan from five locations. The cooperative provides grain, feed, livestock nutrition, crop production, tire and retail services.
Keystone serves farmer-members and customers through 245 facilities in Indiana, Ohio and Michigan, offering agronomy, energy, feed, livestock and grain services. It has more than 1,800 employees. Keystone itself is the product of a merger. Indiana cooperatives Co-Alliance and Ceres Solutions announced in January 2024 that their boards and memberships had approved combining.
Leaders of both cooperatives said the review weighed the opportunities, synergies and long-term benefits of combining operations. They concluded a merger would create more opportunities to serve farmer-members, invest in strategic assets, improve operational capabilities and strengthen agriculture across Michigan.
Scott Logue, president and CEO of Keystone, called the deal a fit for two organizations focused on agriculture.
"Together, we will leverage the power of our cooperative advantage to strengthen our operations, invest in our future and deliver greater value to our farmer-owners, employees and Michigan communities," Logue said.
Joel Stoepker, CEO of CFE, pointed to Keystone's commitment to cooperative values, employee development and long-term investment in agriculture.
"By joining together, we believe we can build on CFE's strong legacy while creating new opportunities for future generations of farmers," Stoepker said.
If members approve, employees from both cooperatives will work to find efficiencies, share expertise and offer a broader range of products and services while keeping a local presence in the communities they serve.
