Farmland Industries Announces
$49 Million Special Distribution
WICHITA, Kan. The na
tion’s largest farmer-owned co
operative will return an additional
$49 million in a special equity re
demption to member* this week,
its chief executive announced dur
ing the Kansas Governor's Con
ference on Agriculture.
Farmland Industries president
and chief executive officer HD.
“Harry" Cleberg reported that the
cooperative's board of directors
has approved distributing $49 mil
lion to nearly 1,000 local former
owned cooperatives and more
than 8000 independent livestock
producers in 39 states. The special
redemption is in addition to $57.5
million paid to members in cash
patronage and equity redemptions
in December 1997, after Farm
land’s fiscal year closed. It brings
total disbursements to Farmland
members to more than $3OO mil
lion over the past five years.
‘This is the first time in our
70-year history that we’ve made a
cash distribution in addition to the
Division of (J3SI)
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regular fiscal year distribution.”
reported Cleberg. “In just three
months, we have returned more
than $lOO million to our mem
bers.”
Cleberg said the special re
demption was a decision made by
Farmland’s board of directors to
help maintain proportionality in
its base capital plan which is de
signed to assure that Farmland’s
member-ownership is proportion
al to their business volume. A sig
nificant number of overfunded
members will receive checks in
varying amounts consistent with
this principle.
Farmland’s membership, con
sisting of 1,400 local farmer
owned cooperatives and 13,000
independent livestock producers,
earns equity in Farmland, not by
purchasing shares but by doing
business through Farmland, either
by buying agricultural inputs or by
selling livestock and grain. Farm
land allocates its profits back to
these owners in the form of
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"This is a sign of Farmland’s
strength and commitment to its
members,” said Cleberg. ’’Let
there be no question: Farmland
truly is ‘proud to be farmer
owned’.”
Farmland Industries, Inc. Kan
sas City, Mo., is the largest farm
er-owned cooperative in North
America and one of the top 200
Fortune 500-listed companies. In
1997, company sales of $9.1 bil
lion encompassed all SO states and
80 countries. When including
third-party sales of Farmland’s
venture businesses and the gross
sales of its international grain
marketing subsidiary, total sales
exceeded $11.7 billion.
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patronage refunds, paid partly in
cash and partly in equity. The an
nouncement reflects a payout of a
significant amount of overfunded
equity.
Livestock
Meeting, 7 p.m.-9 p.m.
Lackawanna/Wyoming County
Extension Spring Fling Semi
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LaPlume, 10 a.m.-2;30 p.m.
Grant Writing Workshop For Non
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Lancaster County FFA Leadership
Capitol Area Beekeepers Associa-
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Managing Your Small Pond
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