Allenberg Cotton Co. and Dunavant Enterprises will likely settle a merger agreement by Sept. 30, according to Allenberg Chief Executive Officer Joe Nicosia.
“We’re hopeful to be able to reach a concluded transaction within this quarter,” Nicosia said.
According to an article by Holly Henschen, with Dow Jones Newswires, Allenberg and Dunavant have plans to combine both their U.S. and international operations.
“This merger will be a very positive event for the cotton industry and for both companies,” said William B. Dunavant III, CEO of Dunavant Enterprises.
Allenberg handles approximately 7 million bales of cotton a year while Dunavant handles more than 6 million bales of cotton annually. Both firms are based in Memphis.