$1 Billion in Dividend Payouts for FCC
With its 2016 dividend payout, Farmers Cooperative Compress (FCC) of Lubbock will reach the unprecedented milestone of having distributed $1 billion to its producer-owners.
Texas is the country’s top cotton-producing state, and the cotton industry has a $3.5 billion impact on the Texas economy.
“The continued success of Farmers Cooperative Compress is a direct correlation to the hard work performed by our producer-owners,” says Ron Harkey, president of FCC. “We are proud to be a part of such a significant achievement. This cash return on our producers’ investment will help ensure the viability of farms across West Texas and shows the strength of U.S. cotton in the domestic and global markets.”
It has often been said that cotton is king in West Texas, which is home to the world’s largest region of cotton-producing counties. Forty-five cooperative gins deliver cotton to FCC facilities, and FCC warehouses and delivers about 35% of the cotton ginned in Texas – roughly 17% of the U.S. crop.
FCC collaborates with two other Lubbock-based cooperatives – Plains Cotton Cooperative Association, a producer-owned cotton marketing association, and PYCO Industries, a producer-owned cottonseed oil mill. The combined efforts of these three regional cooperatives, along with local cooperative gins, provide producer-owners with an effective means to process, market, warehouse and deliver/export millions of bales of cotton annually.
Founded 68 years ago, Farmers Cooperative Compress was established as a way to successfully and affordably house cotton domestically and distribute it globally from West Texas. Today, FCC has more than 8,300 members and is the largest cotton warehousing entity in the world. With 208 warehouses providing more than 11 million square feet of space, FCC has a USDA-licensed capacity of more than 2.2 million bales.
FCC is headquartered in Lubbock and owns warehouses in Lubbock, Plainview, Levelland, Floydada and Stanton.
Source – Farmers Cooperative Compress