Archive for Wednesday, December 11, 2002

Farmland reduces cost of annual meeting

December 11, 2002

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— Farmland Industries, which filed for Chapter 11 bankruptcy in May, plans to save money by sharply curtailing its annual business meeting.

Instead of the usual two-day event attended by up to 2,000 people, this year's meeting will be this afternoon, with about 500 attendees expected.

Rather than trade shows and a national speaker, this year's meeting will consist of a shareholders business meeting, financial report and a presentation by Robert Terry, Farmland chief executive officer.

Sherlyn Manson, Farmland's director of communications, said the cooperative expects to spend only about 15 percent of what it had in the past on the annual meeting.

The company already has sold almost $25 million in assets and is in the process of selling its fertilizer business, for which it is expected to get more than $200 million. The company owns a fertilizer facility in Lawrence, which has been idle since May 2001.

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