Good year means big bucks for Crystal executives
A banner sugar beet harvest has produced big profits for American Crystal Sugar Co. and big paydays for its executives. Locked-out union workers at Crystal plants say that's evidence the cooperative can afford to make a better contract offer.
FARGO, N.D. (AP) — A banner sugar beet harvest has produced big profits for American Crystal Sugar Co. and big paydays for its executives. Locked-out union workers at Crystal plants say that's evidence the cooperative can afford to make a better contract offer.
The Forum newspaper reports the company's net revenue for fiscal 2011 is $1.5 billion, up from $1.2 billion the previous year. Company vice president Brian Ingulsrud says high sugar prices, a strong crop and good storage weather produced record earnings.
The success triggered six-figure increases in compensation for Ingulsrud and other top executives. Ingulsrud says the value of incentive-driven increases rises and falls with the fortunes of the company.
Union official John Riskey says Crystal should share the prosperity with its workers, who are locked out in a contract dispute.
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Tags: news, business, sugar, lockout, updates
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