| Plans for the Rocky Mountain Sugar Beet Growers Cooperative
to purchase Western Sugar Company continue to move forward, the
representative for the cooperative said. Randon Wilson, a Salt Lake City,
Utah, based attorney representing the cooperative, said he traveled to
Nebraska, Montana and Wyoming to meet regionally with bankers and explain
what funding the grower cooperative would need to purchase the $78 million
Western Sugar Company from Tate and Lyle of London, England.
Wilson said he will meet with bankers in Colorado late this week.
The attorney said he has received positive response from the financial
communities. "I think they recognize the industry is important to
these growers.
They need to get their equity lined up and I think they will be
supportive," he explained.
The cooperative is still leaning toward the growers paying for
one-third of the company, while the cooperative will finance the other
two-thirds of the purchase price.
Wilson said he still doesn't have an exact figure nailed down for
growers, but he remains optimistic that figure will be under $200 an acre.
A letter is going out to growers this week to keep them updated on how
the process is moving forward.
The letter also asks for patience while they continue to gather
information.
Wilson said barring any complications, a prospectus should be mailed to
growers during the first week of December.
Although he hasn't yet finalized the schedule, Wilson said grower
meetings will be held in December and January. |