After nearly two years of negotiations, the Washakie Beet Growers Association signed final paperwork giving the new Wyoming Sugar Company control of the Worland, WY, factory.
The factory and all its assets transferred to the new company from Imperial Sugar Friday at midnight.
The deal was handled through the law firm of Fabian and Clendenin in Salt Lake City. Attorney John Climaco completed the final transactions, Steve Stine, WSC secretary, said.
WSC President Dick McKamey, Stine and consultant Jim Taggert represented the WSC. Imperial Executive Vice President and Holly Sugar Senior Vice President William Schwer represented Imperial Sugar.
“We can now move forward and plan to operate in the present and future campaigns,” Stine said.
McKamey said the banks involved did a lot of hard work to make the deal possible. Stockgrowers State Bank in Worland was the lead bank in the consortium of banks to arrange financing. Others included Pinnacle Bank, Community First National Bank, Security State Bank, Big Horn Federal, the Bank of Lovell and the Wyoming National Bank of Riverton.
The purchase not only ushers in a new era for the growing area but also ends Holly Sugar’s ownership of the factory purchased in 1920.
The company needed $1.9 million to buy the plant and assets and $700,000 for operating expenses. The money was raised from growers and landowners as well as other interested investors from the area.
The company is looking for a CEO to take over and make the transaction from the operation by the largest sugar company to the smallest.