Business roundup: Growmark to buy area fuel supplier
ASHKUM — An Ashkum-based fuel supplier has agreed to be purchased by the Bloomington-based Growmark regional cooperative.
Meier Oil Products and Manito Transit, a family-owned business since 1936, consists of a trucking company, a fuel terminal in Ashkum and bulk fuel facilities at Champaign, Sheldon, Kankakee and Pontiac.
Kevin Carroll, Growmark's vice president for energy, said the acquisition will strengthen Growmark's system.
"We have a strong heritage of being a reliable supplier of refined and renewable fuels and lubricants," Carroll said. "Adding the Meier Oil business enhances our heritage and provides customers ongoing access to quality products."
Mike Meier, president of Meier Oil Products, said Growmark shares Meier's commitment to employees and to providing quality products at competitive prices.
Growmark had annual sales of $10.1 billion in fiscal year 2012. Its network of FS cooperatives includes Urbana-based Illini FS, Gilman-based Heritage FS and Bloomington-based Evergreen FS.
The Andersons increases dividend
MAUMEE, Ohio — The Andersons Inc. will increase its cash dividend in the first quarter of 2013, the agribusiness company announced Wednesday.
The company plans to pay a dividend of 16 cents a share payable Jan. 23 to shareholders of record Jan. 2.
That's an increase from this year, when quarterly dividends were 15 cents a share, and from 2011, when quarterly dividends were 11 cents a share.
"The increase in the dividend for our shareholders reflects our positive financial results and our confidence in our earnings capacity going forward," said Nick Conrad, the company's vice president of finance and treasurer.