Federated Co-op is marking its 90th anniversary. CEO Scott Banda believes that Saskatchewan’s largest business couldn’t have reached such a milestone without establishing what he calls “a virtuous circle” where locally owned retail cooperatives invest the profits they generate back into local communities.
Founded in 1928, Saskatchewan Co-operative Wholesale Society (SCWS) later evolved into Federated Co-operatives Limited, which is owned by almost 200 retail co-ops across the prairies and has almost $10 billion in annual revenue.
Energy sales account for two thirds of that amount, which leads Banda to identify the 1944 merger of SCWS with the Consumers Co-operative Refinery in Regina and other provinces’ wholesalers as a pivotal moment.
FCL has invested $3.5 billion in capital across Saskatchewan over the last five years and plans to continue expanding its operations in the province.
Source: Saskatoon StarPhoenix