According to a report from Farm Weekly, Rite Way has signed an agreement to take over full ownership of Morris Industries. This follows Morris Industries' entering into creditor protection in January of this year, when the company announced it planned to downsize due to a "liquidity crisis."

According to court documents, Rite Way has been positioned to acquire Morris Industries since May.

Rite Way president and chief executive officer Heather Forbes spoke on Morris Industries' future under Rite Way's ownership.

"Taking 100% ownership will allow us to restructure our manufacturing approach in Western Canada to ensure we can transition our strength in engineering into great products in the field," she says. "We are confident we can guide Morris into a new era, continuing the strong Morris brand and building on its historical success in precision farming solutions."

Morris Industries announced in March the closure of its dealership in Virden, Man., Morris Sales & Service, due to being "unable to generate the liquidity required for continued operations."