Welcome!

News Feed Item

CHS putting Future First for its cooperative owners

MINNEAPOLIS, Dec. 6, 2013 /PRNewswire/ -- CHS Inc. (), the nation's leading cooperative and a global energy, grains and foods company, is committed to continued growth that will drive economic value to its farmer owners and the rural communities in which they live, its leaders told attendees at its recent annual meeting.

To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/58034-chs-inc-putting-future-first-for-cooperative-farmer-owners

"Our ultimate responsibility is to invent the CHS of the future by making the decisions, executing the investments and managing the financial health of this company in a manner that not only adds value for you today, but continues to pay off 10 and 20 years down the road," CHS President and Chief Executive Officer Carl Casale told attendees. "Ultimately, it's about taking actions today that will benefit tomorrow's owner, the generations that are now playing in farm yards or buying their first blue FFA jackets."

The CHS Annual Meeting, held Dec. 5-6 at the Minneapolis Convention Center, drew nearly 2,000 of the cooperative's owners and other stakeholders. Included in the event was a special New Leaders Forum which drew nearly 175 promising young farmers and ranchers from across the U.S. for an exploration of issues facing agriculture and rural America.

In recent years, CHS has completed or committed to $4 billion in acquisitions, expansions and upgrades in its energy, grains, and processing and food ingredients businesses with a goal of adding long-term value for its farmer and cooperative owners, as well as customers worldwide. Casale said as CHS pursues its growth strategy, commitment to safety will be the company's overriding priority.

CHS Board Chairman David Bielenberg, a Silverton, Ore., farmer, said the board of directors' primary goal is ensure the cooperative is appropriately capitalized to add value for its owners. In addition, he said, the 17-member farmer board must continue to expand its knowledge and ability to lead what is now one of the world's major agribusinesses, as well as one of the largest companies owned by farmers.

"And closest to home we must drive the CHS commitment to agriculture and a vibrant rural America, especially for the next generations of farmers and ranchers who will be our owners and customers," Bielenberg said.

Chief Financial Officer Tim Skidmore, who joined CHS in August 2013, told the company's owners that his priority is to maintain the strong balance sheet, the financial flexibility and the liquidity that ensures that CHS has access to the capital it needs to fuel growth.

"Continuing to generate strong earnings as we have in recent years certainly helps, but we are in volatile commodity businesses and our strategic direction includes significant growth," he said. "That means we must optimize our capital structure to manage both costs and the duration on our balance sheet of both assets and capitalization."

In November, CHS reported its second-best earnings on record at $992.4 million for fiscal 2013 (Sept. 1, 2013Aug. 31, 2013), down from a record $1.26 for fiscal 2012. Earnings reached a record $44.5 billion. At number 69 in 2013, CHS is the only cooperative in the 2013 Fortune 100. Based on its fiscal 2013 earnings, CHS will return an estimated $433 million in cash to owners in fiscal 2014.

Highlights for fiscal 2013 included

  • A $327 million expansion project which will increase production capacity at its McPherson, Kan., refinery by 18 percent to 100,000 barrels per day
  • Acquisition and construction of $18 million in propane terminals and storage to enhance dependable supply
  • Continued front-end engineering and design studies toward possible construction of a $1.5 billion nitrogen fertilizer plant at Spirit wood, N.D.
  • Global commodities expansion including new offices in Uruguay and Taiwan, an Australian wheat origination joint venture, a partnership in an Argentina sunflower processing plant now under construction, and a major upgrade and expansion of a joint venture grain export terminal at Kalama, Wash.
  • Continued investment in soy processing and food ingredients including storage capacity, quality assurance and safety
  • Investments in domestic crop nutrients supply and distribution and grain origination, many in conjunction with member cooperatives and locally-controlled CHS Country Operations retail facilities

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, animal 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.

This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2013, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS website www.chsinc.com.

 

Carl Casale, President and Chief Executive Officer

 

David Bielenberg, Chairman of the Board, CHS

 

Tim Skidmore, Executive Vice President and Chief Financial Officer

 

To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/58034-chs-inc-putting-future-first-for-cooperative-farmer-owners

SOURCE CHS Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...