Farmland to divest its ownership in Rocky Mountain Flour Milling
August 01, 2002
by Emily Wilson
KANSAS CITY, MISSO URI, U.S. — Farmland Industries, Inc. has decided to sell its investment in Rocky Mountain Flour Milling LLC.
Farmland, Cenex Harvest States Cooperatives and Bay State Milling Co. in November 1999 joined four farmer-owned cooperatives in the ownership of Rocky Mountain Flour Milling. Founded in 1996, the company operates a wheat flour mill at Platteville, Colorado, with daily milling capacity of 2,500 cwts (113 tonnes of flour).Bay State is the managing partner in the venture.
Farmland on May 31 filed a voluntary petition for reorganization under the U.S. Bankruptcy Code and is now operating as a debtor-in-possession. The filing placed the cooperative’s assets as of Feb. 28 at US$2.7 billion; debts totaled $1.9 billion.