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American Crystal Mulls Sale of Sugar Processing Plant
November 16, 2018
1 Min Read
Sugarbeets. Image courtesy of Pixabay
Sugarbeet cultivator and processor American Crystal Sugar Company recently signed a non-binding letter of intent that would pave the way for the company to sell its sugar processing plant in Sidney, MT to Big Sky Sugar Cooperative, a newly-formed co-op, the companies announced in a joint press release Friday.
Established in 2017, Big Sky is made up of sugarbeet growers that currently provide inputs to the plant.
“We have been working with the growers in an effort to outline the terms of an agreement that makes sense for both parties,” American Crystal’s chief executive officer, Tom Astrup, said in a statement. “We believe we have now outlined the terms of such an agreement and look forward to working with the local growers to complete the negotiations of the transaction details.”
If the transaction goes through, Big Sky said its farmers will have greater control over sugarbeet farming in western North Dakota and eastern Montana.
“We are excited about the possibilities that this transaction presents to both our owner/members and the larger Sidney community,” said Kjeld Jonsson, the cooperative’s president, in the release.
American Crystal is the largest processor of sugarbeets in the United States.
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