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POWELL -- Western Sugar Cooperative growers were informed Monday the traditional January payment will not be made on the 2017 beet crop.
“We’re making plans to make a March payment,” said Ric Rodriguez, vice president of the cooperative’s board of directors, after a grower meeting Monday in Powell.
He said the reason for holding back on the January payment is a combination of the low selling price of sugar on the market and production issues — “how much sugar we’re making in our factories in our four-state region.”
Rodriguez rejected rumors that the company is going broke.
“We’re still financially strong. We’re still in good shape,” he said. “We’re working with our bankers.”
Growers were understandably concerned, Rodriguez said.
“They have a right to be,” he added. “They’re the owners of the company. We hope to have some better financial information for them after our annual meeting.”
The Western Sugar Cooperative annual meeting is set for Thursday, Jan. 25 in Loveland, Colorado.
Sugar Beet News |
via KPVI https://www.kpvi.com
January 22, 2018 at 09:56AM