WESTCO – the Western Cooperative Company – had great news for members at its 82nd annual stockholders meeting this week – Fiscal Year 2023 was the best in the coop’s history.
Chairman Joe Thompson told the audience that as a result, the WESTCO board has approved Equity Redemption for all members 70 and older with $3-million dollars in cash going back to members and $3-million allocated to Members Equity Accounts.
Chief Financial Officer Josh Foster said the coop had $187 million in sales and generated a net savings of $11.8 million, resulting in a balance sheet with $25 million working capital and $80 million total equity.
President and CEO David Briggs said WESTCO’s 6 divisions had strong years, including a record fertilizer volume, with the year also highlighted by construction of its new Tire Center in Alliance to replace the one destroyed by fire last June.
     As he usually does, Briggs encouraged members to set and know some of their cost of production by contracting in the next month for fertilizer and fuel.Â