MGPI re-elects 3 directors
October 19, 2007
by FoodBusinessNews.net Staff
ATCHISON, KAS. –MGP Ingredients, Inc. re-elected Cloud Cray Jr., John Speirs and John Byom as directors at an annual meeting of stockholders Oct. 18. Their terms will expire in 2010.
Robert Zonneveld, chief financial officer, outlined the company’s financial priorities: achieve greater leverage on fixed assets; continue to control costs; improve working capital management; and reinvest to support future growth.
Tim Newkirk, president, addressed rising commodity prices.
"We are on a constant drive to reduce the volatility in our key inputs of wheat and corn and the resulting impact on our cost of goods," he said. "It remains one of our greatest challenges.
"On the positive side, pricing and demand for our high-quality alcohol products is strong. Despite the current weakness in ethanol pricing, we are confident that our existing plant investments and Midwest distribution network provide the basis for a competitive ethanol strategy."