Latest news with #cooperative
Yahoo
2 days ago
- Business
- Yahoo
$700M soybean crushing operation to start in Nebraska's David City by late August
Ag Processing Inc. (AGP) held a ceremonial grand opening for its new soybean processing complex in David City, Nebraska. The facility is on a nearly 275-acre site and is to process more than 50 million bushels of soybeans a year. (Courtesy of AGP) LINCOLN — A new soybean crushing facility that owners say brings a $700 million investment to Nebraska's David City and will support 80 jobs is set to launch commercial operations by the end of August. On a site that spans nearly 275 acres, the Ag Processing Inc. plant at full speed is expected to process 50 million bushels of soybeans and produce 700 million pounds of refined soybean oil. Such byproducts are used for animal feed, cooking and biofuel. The operation about an hour northwest of Nebraska's capital city, will be the 11th soybean processing location for AGP, an agribusiness headquartered in Omaha and owned by local and regional cooperatives representing farms and producers across the U.S. A spokesman said the latest plant location, announced in 2022, was chosen largely for proximity to cooperative members, a reliable supply of soybeans, workforce and transportation access. Infrastructure was another factor, said AGP's Michael Dolch, as the grounds include 2.5 miles of paved roads and nearly 13.6 miles of rail track. 'As a cooperative, AGP's mission is to add value to our members' soybeans by processing the beans into meal and oil, selling those products in the open market, and returning the earnings to our local owners,' Board Chair Dean Thernes said in a statement. He said David City adds to AGP's midwestern processing capabilities and improves its competitive edge in domestic and international markets for the growing industry. The cooperative's last soybean processing plant opened six years ago in Aberdeen, South Dakota. State leaders including Nebraska Gov. Jim Pillen joined AGP members and industry representatives on Thursday for a ceremonial grand opening. Pillen talked about Nebraska's reliance on agriculture and said the new plant would consume more than 15% of the state's soybeans grown. 'AGP's processing facility is creating fantastic opportunities for our soybean farmers and bringing rewarding careers to David City,' he said. 'This plant … improves the basis for local markets and puts more cash in producers' pockets.' AGP managers credited local support for helping the project to materialize. 'With the amount of rail track on site, AGP will load a unit train of 110 cars every three to four days. We will be able to hold a loaded unit train, receive an empty unit train and continue to build a third unit train of soybean meal,' said Lou Rickers, chief operations officer. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Solve the daily Crossword
RNZ News
5 days ago
- Business
- RNZ News
LIC profit surges to $30.6m as NZ farmers invest in herd genetics
Photo: RNZ / Alexander Robertson A buoyant rural economy has boosted the Livesock Improvement Corporation's (LIC) profits, with the co-op also feeling upbeat about the long-term outlook. The artificial breeding and herd testing co-operative's bottom-line profit for the year ended May was $30.6 million, compared to last year's weakened profit of $7.7m, due to a bad batch of bull semen and weaker economic conditions. Its total revenue was up 10 percent to $295.1m as farmer owners invested more in their herds, supporting a near 15 percent rise in underlying earnings. LIC chief executive David Chin said the result was a reflection of the strong agricultural sector. "When [farmers] have a bit of a tailwind, which we've had in the last 12 months, they take the opportunity to invest in their long-term future and get some better genetics into their herd and do a bit more animal health testing," Chin said. He felt positive about what lay ahead. "It might not reach the heights that it has been, but it'll be fairly good," Chin said. "Having just recently come back from Europe and North America, there's a lot of pressure on the national herds over in those jurisdictions." Chin said it boded well for New Zealand. "We see [global] production being predominantly flat, so that should keep prices fairly buoyant in the next wee while," he said. LIC said from the 2025/26 year, it was planning a multi-year investment into customer-facing systems and process improvements, and said its bottom line would be affected due to the costs. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
7 days ago
- Business
- RNZ News
Farmer group pushes back on Alliance's foreign investment plans
A group of farmers are asking other sheep and beef farmers to turn up their noses at plans by Alliance to invite greater foreign investment in the co-op. Photo: Unsplash / RNZ composite A group of South Island sheep and beef farmers are urging others to vote against a proposal for foreign investment in the red meat cooperative Alliance Group, which is the only 100 percent farmer-owned meat processor in the country. A series of financial losses in recent years has seen the board aim to raise $200 million dollars in new capital from the private sector. Some media reports have suggested an Irish meat supply group, Dawn Meats, is a contender. Alliance Group chair Mark Wynne says details are commercially sensitive but it's in the advanced stage of assessment, and Alliance is working towards confirming a preferred option to take to shareholders to vote on. Dave Pinckney's family has farmed Glenaray station in the Waikaia valley, for 127 years and supplied AGL for 60 years. Kathryn speaks to him about why he and a group of shareholders are urging other farmer suppliers to vote against any external capital which would change the ownership structure of Alliance. Mark Wynne, chair of Alliance Group, said: "Because of the commercial sensitivities involved and the confidentiality agreements now in place, we are limited in how much we can share. "We will be providing another update to our farmers later this month ahead of a series of road show meetings followed by a formal shareholder vote in the next few months."
RNZ News
7 days ago
- Business
- RNZ News
Not all farmers back Alliance's foreign investment plans
A group of South Island sheep and beef farmers are urging others to vote against a proposal for foreign investment in the red meat cooperative Alliance Group, which is the only 100 percent farmer-owned meat processor in the country. A series of financial losses in recent years has seen the board aim to raise $200 million dollars in new capital from the private sector. Some media reports have suggested an Irish meat supply group, Dawn Meats, is a contender. Alliance Group chair Mark Wynne says details are commercially sensitive but it's in the advanced stage of assessment, and Alliance is working towards confirming a preferred option to take to shareholders to vote on. Dave Pinckney's family has farmed Glenaray station in the Waikaia valley, for 127 years and supplied AGL for 60 years. Kathryn speaks to him about why he and a group of shareholders are urging other farmer suppliers to vote against any external capital which would change the ownership structure of Alliance. To embed this content on your own webpage, cut and paste the following: See terms of use.
The Guardian
12-07-2025
- Business
- The Guardian
‘The Co-op won't defeat me': Brighton shop owners fight against eviction
For Louise Oliver, it is the work of Charles Dickens that best describes her current predicament. 'It's a tale of a woman who has her lovely old shop taken over by a nasty piece of work,' she said, evoking Dickens's The Old Curiosity Shop. In this instance, the identity of this 'nasty piece of work' may come as a surprise. In 1844, three years after Dickens published the tragic tale of Little Nell, the world's first successful cooperative shop opened in Rochdale. It put power into the hands of the community, who were sick of being fleeced by the powers above. Now, the Co-op, which traces its roots back to the Rochdale outfit, finds itself playing the bad guy, according to locals in Brighton. The retailer plans to expand one of its shops in the tight-knit Seven Dials area of the city, in doing so it will boot out two small, local businesses. The salt in the wound for Brighton locals? The nearest Co-op to the one being extended is just 200m away. A three minute walk, according to Google Maps. Oliver, the owner of the independent wine seller Seven Cellars in Seven Dials, who could be forced to shutter her shop as early as November, said the move flies in the face of the Co-op's claim to being an ethical business. 'Everything about the Co-op is a complete lie,' she said. 'They've been very lucky to pretend to be the good guys all this time. I'm really happy that we're able to point out that it's nonsense.' Oliver has been at Seven Dials for 10 years. 'This shop is the only one I've ever opened where I've had the wonderful experience of people coming in and saying: 'thank you for opening',' she said. Her landlord had sold the overarching lease of her premises to the Co-op, which operates a branch next door. Despite denials at first that anything would change, Oliver said she 'realised there was something going on' when men with tape measures started turning up outside her shop. 'They sent a guy down in a suit with pens and papers and structural engineers and so on. We realised that they wanted to move into our shops,' she said. Soon after, she said she received an eviction notice. The Co-op said they had given both businesses until January to leave but Oliver disputes this, saying the only date that has been communicated to her is in November. The fact that the area is hardly starved of a larger Co-op makes the supermarket's decision all the more baffling, she said. 'I did the walk [from one Co-op to the other] the other day. It took me one minute and 45 seconds.' If Oliver is forced out of her current premises, she said it could cost her £60,000. She has an alternative location in mind, but the rent is double what she pays now. 'It's got no lighting, no flooring, no heating. There's no shelving, everything will have to be recreated,' she said. Though Oliver is owed a mandatory payment of about £8,500 for not having her lease renewed, she would have to cover the rest of the costs herself. The Co-op recently admitted to more than 100 breaches of a rule that prevents supermarkets blocking rivals from opening competing shops nearby, which the UK competition watchdog said represented 'a significant failure of compliance for a business of Co-op's size'. Siân Berry, the MP for Brighton Pavilion, has supported Oliver and the owner of Latina cafe, the other small business affected. She said: 'Ever since last year, I have stressed to Co-op the strength of local feeling and urge them to pause this expansion. The future of these properties is the Co-op's decision, and they should make the right one in line with their values that protects the life of the local community.' Despite the stress of the situation, Oliver has been heartened by the community's response. A petition in support of her campaign has collected nearly 12,000 signatures. 'It's been amazing,' she said. 'Everybody has pulled together and just said no.' She also believes the city overall, which is known for its quirky independent shops, needs to stand up to big high street chains. 'We want a bustling, busy, wonderful, wonderful place. We need to preserve it. We need to protect it,' she said. 'It's not on for these big supermarkets who are never going to be happy until we're all just playing into the system.' The past few months have been tough, but Oliver is fighting on. 'We used to be known as a nation of shopkeepers. I'm a retailer, my dad was a shopkeeper. It's important to me and I want to keep it going. The Co-op won't defeat me.' A Co-op spokesperson said: 'Co-op is committed to acting fairly, and the tenant leases are being fully honoured. They are now coming towards an end; something both tenants have long been aware of and we have offered an extension of the tenancies into the start of the new year to help and support the two businesses over the key Christmas trading period. 'Alternative plans to make the necessary changes to our store, which did not affect the neighbouring outlets, were initially submitted however planning permission was rejected.'
