Posted: 02.08.2011
Foremost Farms USA has issued cash payments totaling $31.8 million during 2009 and 2010 to dairy producers who are current and former members of the cooperative.
Of the total, $6 million was paid in 2009 in cash patronage and equity revolvements. The remaining $25.8 million was issued in 2010, including $6.7 million of cash patronage and the balance representing the revolvement of equities held by dairy producers who marketed milk through Foremost Farms and its predecessor cooperatives.
“The distribution of equities is based upon the cooperative’s healthy performance,” said Dave Fuhrmann, president. “We have repositioned our business and have been profitable despite marketplace volatility and a challenging national and global economy. The board of directors is looking to the future as the global demand for dairy increases. We will grow with that demand and maximize returns for our present, past and future member owners.”
The cooperative’s 1,000 employees process and market a variety of cheeses, whey ingredients and butter for commercial customers around the globe. Foremost Farms also markets bulk milk to fluid milk packagers. In 2009, Foremost Farms revenues were $1.14 billion.
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