For further information contact: Kent Wimmer
Phone: 303-813-3540
Email: lrtiehen@westernsugar.com
Western Sugar Cooperative Investing for the future
Denver, Colorado: The Western Sugar Cooperative announced they have entered into a new long-term credit commitment led by CoBank, a financial services institution that provides credit to agribusiness cooperatives and other rural businesses throughout the United States. This commitment will allow the Cooperative to step up their operations investments as part of their long-term strategy to remain cost competitive.
The Cooperative will be investing in newer technology and expanding both their Scottsbluff, NE and Fort Morgan, CO facilities, while significantly reducing its operating activities in Torrington, WY over the next fifteen to twenty-four months.
“This is a very important decision for our Cooperative” said Nick Lapaseotes Chairman of The Western Sugar Cooperative. “It supports our long-term mission to serve our customers well. It will also help Western Sugar build a valuable market for our growers.”
“We have been seeking ways to invest in improving our productivity and reliability. These projects at Scottsbluff and Fort Morgan will allow us to make significant improvements in our operations providing strong financial returns for our growers. It also positions us for future growth” said Rodney Perry, President and Chief Executive Officer. “It will help us produce more sugar from the same amount of sugar beets, while using less energy to extract the sugar. Once the projects are complete, we will be processing all the sugar beets currently processed at our Torrington facility in the other two facilities.”
Mr. Perry also commented on reducing the scale of activities in Torrington. “As a long-time member of the Torrington community, we recognize this decision will ultimately scale back our operations there. We very much value the contributions that the Torrington plant and community have made to Western Sugar. Once the projects are complete, we will continue to operate the Torrington facility as a sugar storage and shipping location.”
About The Western Sugar Cooperative
The Western Sugar Cooperative (Grower-Owned) was formed in 2002. Its 1,000 grower-owners proudly raise sugar beets in Colorado, Montana, Nebraska and Wyoming. Processing facilities operated by the cooperative produce retail, food service, and food processor sugar in bulk, bags, and packets. The cooperative also markets sugar beet co-products of beet pulp, high-energy molasses and other feeds for livestock (www.westernsugar.com).