Printer Friendly

CARGILL BOARD COMPLETES FORMATION OF EMPLOYEE STOCK OWNERSHIP PLAN

 CARGILL BOARD COMPLETES FORMATION OF EMPLOYEE STOCK OWNERSHIP PLAN
 MINNETONKA, Minn., Feb. 14 /PRNewswire/ -- Cargill's Board of Directors has reviewed the final technical details related to the acquisition of common stock from its shareholders and completed formal creation of an employee stock ownership plan (ESOP).
 The board's action followed its consideration of the terms of financing for the purchase of 17 percent of Cargill common stock from shareholders and the favorable assessment of the fair market value of the stock by the ESOP's independent trustee.
 "This step completes the purchase of Cargill common stock by the ESOP," said William R. Pearce, vice chairman of Cargill. "We will now turn focus on integrating the ESOP into our employee-benefits plan. We anticipate that we will begin allocating benefits on behalf of eligible employees by July 1, 1992."
 Approximately 12,000 salaried and 7,800 hourly employees working in the United States are eligible for the ESOP.
 Cargill is a privately held merchandiser, processor, transporter and warehouser of agricultural and other bulk commodities, based in Minnetonka. Its major businesses include merchandising of a wide range of agricultural and other bulk commodities; processing of wheat, corn and other vegetable products; processing of red meats and poultry; production and sales of agricultural products, including feeds, seed and fertilizers; the manufacture and sale of industrial commodities, including steel, salt, fertilizers and resin products; transportation; financial trading; and financial and agricultural consultancy services. The company employs more than 60,000 individuals in 55 countries worldwide.
 -0- 2/14/92
 /CONTACT: Garland West of Cargill, 612-475-6191/ CO: Cargill, Incorporated ST: Minnesota IN: SU: OFR


AL -- MN009 -- 0217 02/14/92 12:48 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 14, 1992
Words:275
Previous Article:SNO COUNTRY REPORTS OFFICIAL SKI REPORT FOR FEB. 14, 1992
Next Article:U.S. ALCOHOL TESTING ANNOUNCES AGREEMENT WITH NATIONAL TROOPERS COALITION
Topics:


Related Articles
CARGILL'S BOARD APPROVES OFFER TO PURCHASE 10 - 30 PERCENT OF COMMON STOCK FOR EMPLOYEE STOCK OWNERSHIP PLAN
VOLUNTEER CAPITAL CORPORATION ANNOUNCES FORMATION OF EMPLOYEE STOCK OWNERSHIP PLAN
CARGILL LEASES CATFISH PONDS IN LEBEAU
CARGILL COMPLETES SEMINOLE PURCHASE
CARGILL EMPLOYEES TO HELP BUILD HOME FOR MINNEAPOLIS FAMILY
VALSPAR PLANS TO SPIN OFF MCWHORTER RESIN UNIT TO SHAREHOLDERS AFTER MCWHORTER ACQUIRES CARGILL'S RESIN BUSINESS
CARGILL SEEKS TECHNICIANS TO STAFF CORN PLANT AT BLAIR
Cargill to Operate ProGold Corn Wet Milling Plant
Cargill Inc. Outlook Revised to Negative by S&P; Ratings Affirmed

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters