Northern Plains Co-op patrons share in CHS cash distribution
Nearly 1,600 eligible patrons of Northern Plains Cooperative will share in the distribution of $3.4 million in cash patronage and equity during 2013 based on business they’ve conducted with the company.
Northern Plains has a major elevator facility in Strasburg and a bulk fuel plant in Herreid, S.D., in addition to other locations in the Dakotas.
“We are extremely proud that we can provide this tremendous return to our customers and owners,” Todd Oster, general manager, said. “One of the most important ways we help producers grow is by delivering an economic return on the business they do with Northern Plains Cooperative. This – along with the quality energy and crop inputs, crop marketing, animal nutrition and services we provide year-round – underscores the added value of being a cooperative system owner and customer.
“Through their ownership in Northern Plains Cooperative, not only do they have access to people and resources, they also share in our success and that of the integrated CHS system.”
During 2013, Northern Plains Cooperative will allocate a total of $9.3 million in patronage dividends to its eligible customers based on business done Sept. 1, 2011 – Aug. 31, 2012, of which $3.4 million is being paid out in cash.
Overall, CHS expects to return up to a record $600 million during its 2013 fiscal year in cash patronage, equity redemptions and dividends paid on preferred stock to nearly 1,200 eligible cooperatives and nearly 50,000 individual members and others in 50 states. CHS net income for its fiscal year ending Aug. 31, 2012, was $1.26 billion. Patronage is based on business done with CHS during fiscal 2012, while equity redemptions represent retirement of ownership in CHS earned in past years. Since it was established in 1998, CHS has returned more than $3.1 billion in cash to its owners.
If they have not already done so, individuals who have reached age 70 and representatives of the estates of deceased members are encouraged to contact Chuck Lapka at (605) 765-2476 and request redemption of their equity. CHS makes equity redemptions to eligible individual direct members throughout the year, based on attaining age 70 or estate retirements, but potentially eligible individuals must initiate contact.
Northern Plains (www.northernplainscoop.com) is a diversified farmer owned cooperative offering grain, agronomy, feed and energy products and services. Headquartered in Gettysburg, S.D., they serve more than 5,200 active customers through their eight locations in north central South Dakota and south central North Dakota.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex brand refined fuels, lubricants, propane and renewable energy products.