American Crystal Sugar Co. has set final payment level of $73.02 per ton gross for 2010 crop, based on a 10.9 million ton crop, for a $795.9 million gross payment. That is up from a $63 per ton projection in March, buoyed by strong suar prices and better sugar content.
That’s a record high, company officials confirm.
The current projection is $59 per ton gross payment for the 2011 crop, which totals 9.2 million tons. If realized, that would be $543 million.
Crystal management announced the gross payment in factory district meetings.
Brian Ingulsrud, vice president of administration, said growers in the meetings have been supportive the cooperative position in its labor negotiations which have resulted in the Bakery, Confectionery, Tobacco Workers and Grain Millers locals voting down contract offers, and the resulting company lockout and use of replacement workers. Ingulsrud says the company is willing to reopen negotiations if there are significant changes in positions, but said no such negotiations are scheduled.
record prices and yet unwilling to share….typical for wall street. just a guess, will exec bonuses equal the savings of the pay that 1300 jobs that our friends and neighbors aren’t allowed to do?