Winnipeg, MB, September 23, 2022 – 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 resigned as a Director of AGI to pursue other opportunities. The Board of Directors has named Paul Householder, AGI's current Chief Operating Officer, as President and Chief Executive Officer. Mr. Close has agreed to remain with the Company in an advisory role through year-end to ensure a smooth transition.
"On behalf of the Board and everyone at AGI, I want to thank Tim for his service and passionate dedication to AGI and all of its stakeholders and for his tremendous leadership and highly valued contributions to AGI's strong position today," said Bill Lambert, Chair of the Board. "Tim joined the Company in August 2012 as Vice President, Strategic Planning and Development, was appointed President in March of 2015 and became President and Chief Executive Officer in January 2016. He has played an instrumental role in the evolution of the Company over his tenure, spearheading the acquisition of over 25 businesses, initiating the Company's strategic entry into the digital agriculture space, building an outstanding senior leadership team and in the process transforming AGI from a regional manufacturer of grain handling equipment to a diversified truly global food infrastructure leader. It has been a pleasure to work with Tim as we've accomplished these objectives. Tim is a highly talented executive and we wish him well in his future endeavours."
"I am extremely proud of our accomplishments at AGI over the past 10 years, and the role I have played helping AGI grow, diversify, and prosper," said Tim Close. "I am also immensely proud of the team I have built at AGI and how we have managed successfully through many challenges including the Covid-19 pandemic. Our continuing record results demonstrate the validity of our 2015-2020 investment phase and our 5-6-7 strategy to diversify our business across new products, markets, customers, and geographies. I am confident that AGI is well positioned for continuing success and have no doubt that Paul will be successful in leading the Company's next phase of profitable growth."
Mr. Lambert added, "We are fortunate to have Paul Householder stepping in to serve as our President and CEO. Paul joined AGI in 2019 after a long and successful career in the industrial chemicals sector where he ran substantial global businesses with multiple facilities across several geographies. Since joining the Company Paul has earned the respect of our Board of Directors and is highly regarded throughout our organization. Recently, Paul has been leading projects designed to deepen the level of integration and optimization of our many businesses and his focus on 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 assume the position of President and CEO of AGI. I am excited to take on this new role and lead AGI in its current phase focused on operational integration and optimization, leverage reduction, and organic growth. With the strength of the diversified and resilient global business AGI has built over the past several years, and with 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 across AGI."
About Paul Householder
Paul joined AGI in 2019 as EVP, International with responsibility for leading all aspects of AGI's businesses outside of North America. In 2020, Paul was promoted to EVP, Global Operations with expanded responsibility including coverage of AGI's North American businesses. In 2021, Paul was promoted to Chief Operating Officer, providing strategic, organizational, and administrative leadership to the day-to-day operations of AGI's business.
Prior to AGI, Paul spent 28 years at Air Products and Chemicals, where he progressed through several senior positions, including general management roles with full P&L ownership of businesses in the U.S. and Brazil. In addition, Paul held several global leadership roles focusing on continuous improvement, business development, sales, and engineering.
Paul holds a BSc degree in Mechanical Engineering from Lafayette College, an MBA from Lehigh University, and has completed the Executive Leadership Program at Harvard.
AGI Company Profile
AGI is a provider of solutions for global food infrastructure including seed, fertilizer, grain, feed, and food processing systems. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product globally.
For More Information Contact:
Director, Investor Relations
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 future growth, results of operations, performance, business prospects, and opportunities of the Company. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words "anticipate", "estimate", "believe", "continue", "could", "expects", "intend", "plans", "will", "may" or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated 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 can be no assurance that the plans, intentions or expectations upon which it is based will occur. In particular, the 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 concerning: the anticipated impacts of the COVID-19 pandemic on our business, operations and financial results; future debt levels; anticipated grain production in our market areas; financial performance; business prospects; strategies; product and input pricing; regulatory developments; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; political events; currency exchange and interest rates; the cost of materials; labour and services; the impact of competition; the general stability of the economic and regulatory environment in which the Company operates; the timely receipt of any required regulatory and third party approvals; the ability of the Company to obtain and retain qualified staff and services in a timely and cost efficient manner; the timing and payment of dividends; the ability of the Company to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information, including the effects of global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the recent COVID-19 pandemic, including the effects on the Company's operations, personnel, and supply chain, the demand for its products and services, its ability to expand and produce in new geographic markets or the timing of such expansion efforts, and on overall economic conditions and customer confidence and spending levels, changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, weather patterns, crop planting, crop yields, crop conditions, the timing of harvest and conditions during harvest, the ability of management to execute the Company's business plan, seasonality, industry cyclicality, volatility of production costs, agricultural commodity prices, the cost and availability of capital, currency exchange and interest rates, the availability of credit for customers, competition; changes in trade relations between the countries in which the Company does business including between Canada and the United States; cyber security risks; the risk that the assumptions and estimates underlying the provision for remediation in the Company's financial statements and insurance coverage related thereto will prove to be incorrect as further information becomes available to the Company; and the risk of litigation in respect of equipment or work previously supplied or completed or in respect of other matters and the risk that AGI incurs material liabilities in connection with such litigation that are not covered by insurance in whole or in part. These risks and uncertainties are described under "Risks and Uncertainties" in our most recently filed MD&A and Annual Information Form, all of which are available under the Company's profile on SEDAR (www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. We cannot assure readers that actual results will be consistent with this forward-looking information. Readers are further cautioned that the preparation of financial statements in accordance with IFRS and Canadian generally accepted accounting principles for private enterprises requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. These estimates may change, having either a negative or positive effect on profit, as further information becomes available and as the economic environment changes. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this press release is made 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 so required by applicable securities laws.