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Saginaw, Michigan, June 25, 2001 - The
board of Directors of Michigan Sugar Beet Growers, Inc.
announced today its intention to proceed with the purchase of
Michigan Sugar Company. The board noted the receipt of
subscriptions at Tri-Star Trust Bank representing slightly
over 100,000 acres of the 125,000-acre goal. Cooperative Board
Chairman Richard Maurer stated, "We are very pleased with
the initial response. We are confident that the acquisition
will be a reality."
The board continues to receive
subscriptions and growers are being informed that the deadline
is being extended until the next beet payment is made on the
2000 crop.
Based on the announcement from Lansing last
week concerning financial help for the buyout Chairman Richard
Maurer stated, "We are most appreciative that the State
of Michigan will provide low interest funds to the
cooperative. This will assist the cooperative and its growers
to successfully complete the buyout of Michigan Sugar
Company."
The board also noted that it had received a request from
growers in the Lakeview area to be included in the
acquisition. The board determined that existing and
traditional Michigan growers should be given priority.
However, the board will look at new areas if necessary to
achieve capacity at the factories.
CONTACT
Richard E. Leach, Jr.
989-792-1531 |