The sale dissolves Cooperative Refining, a joint ventureFarmland formed in 1999 with National Cooperative RefineryAssociation. NCRA is owned by Cenex Harvest States Cooperative ofSt. Paul, MN; MFA Oil of Columbia, MO; and Growmark of Bloomfield,IL--all farmer-owned cooperatives. NCRA also has an 80,000 barrel aday refinery in McPherson, KS.
The buyer and the sale price were not disclosed. Farmlandrevenues were $12.2 billion in fiscal 2000, up nearly $5 billionfrom five years before. Its debt had grown to nearly $480 millionin the last decade, owing to expansion.
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