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Demutualization
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===Agricultural cooperatives=== Numerous [[Agricultural cooperative|agricultural supply and marketing cooperatives]] have demutualized. One of the largest, [[CF Industries]], a manufacturer and distributor of fertilizers in the United States, was for 56 years a [[cooperative federation]]. CF then demutualized and made an [[initial public offering]] of equity stock in 2005.<ref name="hist">{{cite web|url=http://ir.cfindustries.com/phoenix.zhtml?c=190537&p=irol-homeProfile&t=&id=& |title=Corporate Profile β CF Industries' History |publisher=CF Industries |access-date=2008-09-12 |url-status=dead |archive-url=https://web.archive.org/web/20071009225713/http://ir.cfindustries.com/phoenix.zhtml?c=190537&p=irol-homeProfile&t=&id=& |archive-date=October 9, 2007 }}</ref> Another large example is [[Kerry Co-operative Creameries]] of [[Republic of Ireland|Ireland]], a milk and meat processor that partially demutualized in 1986 under the so-called Irish model, with the primary business of the co-operative transferred to a publicly traded company [[Kerry Group]] and the shareholding split between the co-operative and its farmer members. <ref>{{cite web|url=http://www.kerrygroup.com/page.asp?pid=89 |title=The Birth of a plc |publisher=[[Kerry Group]] |access-date=2008-03-13 |url-status=dead |archive-url=https://web.archive.org/web/20071117034009/http://www.kerrygroup.com/page.asp?pid=89 |archive-date=2007-11-17 }}</ref> Since this partial demutualisation, the co-operative has gradually reduced its holding in the Kerry Group in order to fund an extensive redemption scheme of its own co-operative shares held by farmer members.<ref>{{Cite web|url=https://kerryco-op.com/share-redemption/|title=Share Redemption | Kerry Co-Operative Creameries Limited|access-date=2022-01-30|archive-date=2022-01-30|archive-url=https://web.archive.org/web/20220130180300/https://kerryco-op.com/share-redemption/|url-status=dead}}</ref> [[Murray Goulburn Co-operative]]<ref>{{cite web|url=https://www.abc.net.au/4corners/milked-dry-promo/7721632|title=Milked Dry|date=15 August 2016|via=www.abc.net.au}}</ref> and Australia's 2016 dairy crisis<ref>{{cite web|url=https://www.abc.net.au/news/rural/rural-news/2016-08-16/murray-goulburn-chair-philip-tracey-on-four-corners-milk/7747676|title=MG chairman stands by decisions leading up to price cuts|first=Nikolai|last=Beilharz|date=16 August 2016|website=ABC Rural}}</ref> is another large example.
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