10-18-01: Western Sugar: Early Reports on Beet Harvest

Scottsbluff, Neb.- Early reports from the fall sugar beet harvest indicate the crop is looking good. About 5,600 tons of beets were delivered during the first 12 hours, say Jerry Darnell, senior agriculturist for Western Sugar. The Mitchell test plots provided the only available percentages at 15.8 percent. The harvest delayed a pending change of ownership that has been in the works for more than a year. Plans had called for Western Sugar's facilities to be sold to the Rocky Mountain Growers Cooperative by this fall. The $48 million deal has been pushed back until Dec. 31 or possibly Jan. 31. Coop members recently were informed in a letter from the board that the purchase had been held up by funding delays that put the closing too close to the end of the crop year. That made borrowing more difficult because of repairs, maintenance, and lack of sugar inventory. No operating factors should significantly affect finances, but some presale activities must be redone, the letter says. There will be no 2001 installment on grower finance, which could improve grower income for the year. Growers who have paid cash will receive interest payments, the letter says. The co-ops chief executive officer, Larry Steward, says Western Sugar's master contract with growers stands for the harvest.

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