INFORUM.com | WDAZ.com

WDAY: The News Leader

Published April 13, 2012, 10:13 PM

American Crystal remains optimistic despite lower numbers than 2010

Moorhead, MN (WDAY TV) - Despite falling well off pace of their record payouts for the 2010 harvest, American Crystal remains optimistic about this year's numbers. American Crystal told shareholders it's estimating an average payout of $59 per ton.

Despite falling well off pace of their record payouts for the 2010 harvest, American Crystal remains optimistic about this year's numbers. American Crystal told shareholders it's estimating an average payout of $59 per ton.

Shareholders already received 65% of their payout in November and another 25% in March. The numbers are definitely down from last year's $69 per ton payout, but still well above all their numbers prior to last year.

Brian Ingulsrud – American Crystal Sugar VP: “Sugar prices are very strong and that has helped to provide very good beat payments.”

Vice President Brian Ingulsrud says all of the shareholders he's spoken with remain confident and are supporting the company throughout this lockout. American Crystal Sugar has already hired 700 full-time non-union employees to replace part of the locked out workforce of 1,300.

The company hopes to have all 1,300 positions filled before next fall's harvest and says it will use the summer as an intensive training period. Ingulsrud say without a doubt that the lockout has had a negative impact on the payouts.

Brian Ingulsrud: “Our costs are higher because of the lockout; it's cost both the company and the employees dearly over the last year.”

Minn-Dak Farmer's Cooperative numbers have soared this year; they're paying an expected $72 per ton, about 23% more than Crystal Sugar.

Tags: