![]() In May of 2019, an Ag Growth silo sand bin collapsed in Fox Creek, Alberta, killing two workers. Deal, with Fibreco saying that it could lose $80 million in revenue due to the event.Ĭoncerns had reportedly been raised about the structural integrity of the silo in the weeks leading up to the collapse, with Fibreco claiming that Ag Growth failed to apply industry standards resulting in an under-designed silo. ![]() The suit names Ag Growth subsidiaries Westeel and Union Iron along with engineer Donald W. This past June, news broke that Fibreco Export Inc was suing Ag Growth, which makes agricultural equipment and custom designed farm and commercial systems, over the September 2020 collapse of a silo at a North Vancouver grain terminal alleging poor engineering. That has turned out to be an overhang on the stock.” “Specific to Ag Growth, what’s happened is they were hit with a lawsuit in the last four or five months due to a grain bin collapse issue they had with one of their customers on the West Coast. “There’s a lot of demand for farm equipment and farmers had very good years in the last couple of years so they’re flush with cash and they’re buying new equipment,” he said. Ag Growth is in the agricultural equipment space, and the macro area or the industry conditions right now are actually very good,” said Stewart, CEO of JC Clark, who spoke about Ag Growth in a segment on BNN Bloomberg on Tuesday. Colin Stewart of JC Clark Limited says it’s less to do with operations for the farm equipment and agro-tech company and more about a pending lawsuit. ![]()
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