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Business news and notes Tuesday, May 9, 2006
Equipment-leasing firm building in Sioux City
SIOUX CITY, Iowa -- A Kansas City-based agriculture equipment leasing company is establishing a new service center in North Sioux City.
MachineryLink Inc.'s new facility is expected to create 100 jobs over the next three years. The company formed in 2000 and holds the largest private combine fleet in North America, serving a 33-state network.
The company's facility in North Sioux City facility will be used to store, clean and service combines, and will as a center for field service, sales and training support.
"We're excited about it because it's just another piece of our diversification puzzle," said Kory Menken, executive director of North Sioux City's Economic Development Corporation, of the MachineryLink announcement. "We've been working extremely hard to diversify our economic base and this is another great step in that direction."
MachineryLink expects to begin operations in August.
Tyson Foods reports $127 million loss
LITTLE ROCK, Ark. -- After posting a $127 million loss for its second quarter, Tyson Foods Inc., the world's largest meat processor, said last week it will continue its strategy of developing more prepared foods, making its system more efficient and growing in foreign markets.
The company cited oversupply in its beef, chicken and pork operations and charges for previously disclosed plant closings as reasons for the loss.
"We said the second quarter would be very tough, and it was even tougher than we anticipated," Tyson chairman and chief executive John Tyson said. "This quarter's results reflect the depressed markets and the oversupply of all proteins."
The loss amounted to 37 cents a share for the three months ended April 1 and contrasted with a profit of $76 million, or 21 cents a share, a year ago. Revenue slipped to $6.25 billion from $6.36 billion a year ago.\
Soybean Processors, Australian firm ink deal
VOLGA, S.D. -- South Dakota Soybean Processors, LLC and Transocean Group Holdings from Sidney, Australia, have executed an agreement and incorporated High Plains Biofuels to develop and operate a 40-million gallon biodiesel refinery adjacent to SDSP's Soybean Processing facility at Volga, SD.
HPB is a 50/50 venture between SDSP and Transocean. Allowing for permitting and construction, HPB expects to be in production by early 2008. SDSP will provide the project management, and administrative and operational management for HPB. Transocean will provide capital funding, and strategic and corporate advice for the development and growth of HPB.
South Dakota Soybean Processors is a value-added company with 2,100 farm members from South Dakota and Minnesota. Today they operate an 80,000 bushel per day soybean processing plant and a soybean oil refinery in Volga.
American Salers elects officers, director team
PARKER, Colo. -- The American Salers Association has elected its 2006 officer and director team.
Dennis Spurgeon of Bloomfield, Iowa, was elected a director along with Dave McIver of Farwell, Minn.
Other directors include Floyd Fredrickson, Whitehall, Mont.; Gregg Jasperson, Goshen, Utah; Dick Snow, Echo, Ore.; Larry Wright, Isabella, Okla.; Joho Shover, Barry, Ill.; Dave Feist, Velva, N.D.; Sherry Douber, Parker, Colo.; and Bob Neben, Orlando, Fla.
A report from the Institute for Supply Management showed manufacturing activity grew briskly in April. The group's manufacturing index jumped to 57.3 in April, from 55.2 in March, for the strongest showing in six months.
Commissioner offers industrial hemp option
BISMARCK, N.D. -- North Dakota ag commissioner Roger Johnson last week proposed rules that would license farmers in the state to grow industrial hemp under existing state law. In nearby Canada, farmers are planting more than 50,000 acres of industrial help to meet expanding demand.
North Dakota rules would require farmers to secure a permit from the Drug Enforcement Agency before their licenses would become effective. The proposed rules cover commercial hemp farming and include a number of restrictions to ease law enforcement concerns.
Fire destroys Pipestone dealership building
PIPESTONE, Minn. -- Fire destroyed the main building of an implement dealership near Pipestone, in southwestern Minnesota.
Pipestone County Sheriff Dan Delaney said the building at Viland Implement was engulfed in flames shortly before 6 a.m. May 8. Delaney said the fire was contained to one building and no one was hurt. |
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