World Grain - August 2014 - (Page 18)

newsreview CHS earnings up 51% in third quarter ST. PAUL, MINNESOTA, U.S. - CHS Inc. reported on July 9 a 51% increase in earnings for the third quarter due to a one-time gain in creation of a new flour milling joint venture and stronger performance from the company's retail agronomy, crop nutrients and grain marketing businesses. The company reported earnings of $379.5 million, up from $250.8 million in the same period in 2013. At almost $12 billion, revenues for the quarter were comparable to the same three-month period of fiscal 2013. CHS reported earnings of $881.7 million through the first nine months of its 2014 fiscal year, an increase of 1% from the $869.6 million reported in 2013. Revenues for nine months were $32.7 billion, down 3% from $33.5 billion for the same period a year ago, primarily due to lower average grain prices. Earnings for the CHS Ag segment increased through the third quarter as a result of strong logistical performance within grain marketing, higher agronomy margins and service income generated by the company's Country Operations retail locations, and improved wholesale crop nutrients performance. CHS reports results for its business services operations and its two food processing-related joint ventures under the corporate and other category which recorded improved profitability through the third quarter of fiscal 2014. Earnings increased significantly from the previous nine-month period due to a one-time gain of $108.8 million associated with the contribution of its Horizon Milling assets to the newly formed Ardent Mills joint venture and overall strong business performance. CHS makes management changes ST. PAUL, MINNESOTA, U.S. - CHS Inc. announced on June 27 the retirement of a member of its leadership team and changes in responsibility for two others. John McEnroe, executive vice-president, CHS Country Operations - consisting of company-owned, locally governed retail business units and its CHS Nutrition and CHS Sunflower operations - will retire Dec. 31. Lynden Johnson, currently executive vicepresident, CHS Business Solutions, has been promoted to executive vice-president, CHS Country Operations. Lisa McEnroe Zell, currently executive vice-president and general counsel, has been promoted to executive vice-president, CHS Business Solutions. Both Johnson and Zell will continue in their current roles through the end of fiscal 2014 on Aug. 31 and assume their new positions on Sept. 1. A search for a new executive vice-president Johnson and general counsel is under way. McEnroe retires after a 35-year career. He joined the cooperative system as a manager trainee and held a variety of grain marketing and retail management positions, including being named regional director in 1984, vice president in 2000, and senior vice president in 2003. In 2012, he was promoted to his current role as executive vice-president, CHS Country Operations. Throughout his career, McEnroe has played a key role in this division's growth. Today CHS Country Operations serves 75,000 producers through about six dozen company-owned, locally governed retail business units. Johnson joined CHS in 2005 as vice-president Zell of Member Services, following two decades in local cooperative management in North Dakota and Minnesota. In 2008, he was named vice-president, Business Solutions Consulting, and in 2010 he was named senior vice-president, Business Solutions. He was promoted to his current role of executive vice-president, Business Solutions, in 2012. In his new role, Johnson is charged with pursuing continued growth opportunities that add value for CHS owners through the company's local retail operations, animal nutrition and sunflower businesses. In her new role, Zell will lead programs and products that support cooperatives, agribusinesses and producers that are offered through CHS Aligned Solutions, CHS Capital, CHS Hedging and CHS Insurance. She joined CHS in 1999 as a corporate attorney, was named senior attorney in 2003, principal legal counsel in 2008 and senior vice-president and general counsel in 2010. In 2012, she was promoted to executive vice-president and general counsel. Ardent Mills selects office location DENVER, COLORADO, U.S. - Ardent Mills has selected an office building located at 1875 Lawrence St. in Denver, Colorado, U.S., as the site for its headquarters. The 15-story building is located in Denver's central business district near the lower downtown area. "This will be our new home and will allow us to combine all of our headquarters functions in one building," said Bill Stoufer, chief operating officer and chief integration officer for Ardent Mills. "Once built out over the next few months, we will have four floors of this 15-story facility, including one floor dedicated to our Research, Quality and Technical Solution's Culinary Center and bake laboratory. We will have about 200 staff at this site." Amenities of the recently renovated property described in an 18 on-line listing include easy access to Interstate-25, light rail access and close proximity to numerous hotels and restaurants. It also benefits from proximity to a new high-frequency "circulator/distributor" bus service running from Denver's Union Station to the Civic Center area. The listing identified space as great as 13,595 square feet available on a number of floors, including the upper floors of the building. The largest flour milling company in the U.S., Ardent Mills was created in late May as a joint venture, combining the flour milling assets of ConAgra Foods, Inc., Cargill and CHS Inc. Denver was selected in July 2013 as the location for the company's headquarters, a few months after plans for the joint venture were made public. August 2014 / World Grain /

Table of Contents for the Digital Edition of World Grain - August 2014

World Grain - August 2014
Table of Contents
From the Editor-in-chief - Fundamentals drive wheat prices
Calendar of Events
Latin American milling conferences
News Review - Interflour to build flour mill in Philippine free-trade zone
San Miguel to double flour milling capacity
ADM Milling completes expansion in Indiana
Bartlett building grain facility in Kansas
Cargill to build grain facility in Arkansas
Grupo Bimbo acquires Ecuadorean baker
Didion Milling names vice-president, business development
GrainCorp buys stake in Egyptian flour miller
Egypt purchases 5.1 million tonnes of wheat in 2013-14
United Grain plans bigger expansion at port
E.U. feed groups want decision on GMs
Toepfer renamed ADM Germany
E.U., EIB to work together on agriculture
Uzbekistan harvests record 8 million tonnes of grain
Ungashick joins World Grain sales team
E.U. sets import duty for first time in nearly four years
CHS earnings up 51% in third quarter
CHS makes management changes
Ardent Mills selects office location
Grain Market Review - Coarse grains
Country Focus - South Africa
Feature - Dawn of a New Era
Ardent Mills partners, executives, bring deep roots in flour milling
Regional Review - A Vital Grain Producer
Regional Review - Overflowing with Oilseeds
Regional Review - Export Challenges
Feature - Using Corn as a 'Lifeline'
LifeLine products
Technical Profile - Demanding the best
Feature - A Growing Issue
Feed Operations - Pellet Mills
Feature - Debugging your facility
Species spotted
Guest Commentary - Unforgettable: How flour saved Berlin
Feature - Olam's rice nucleus program
Rice Quarterly - UN sets acceptable levels of arsenic in rice
New rice mill planned for Arkansas
Italy wants ‘fairer’ rice deal
Thailand province developing jasmine rice
Thailand’s rice price shoots up on drought
Supplier News
Product Showcase
World Grain Archive
Ad Index/Fax Back Program

World Grain - August 2014