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    Land O'Lakes has soft quarter but record year

    By Dan Haugen | Published Wed, Feb 25 2009 10:40 am

    A decline in commodity prices softened Land O'Lakes' fourth-quarter profits, but the co-op finished the year with record sales and earnings.

    The Arden Hills company is one of the largest farmer-owned co-ops in the United States. And there was plenty to go around in fiscal '08.

    Land O'Lakes reported this morning record sales of $12 billion for 2008. After expenses, the co-op earned $160 million, essentially tying its 2007 earnings record. And it paid out a record $98 million to its members.

    "There is no doubt that there are challenges ahead," CEO Chris Policinski said in the company's statement. "No matter what business you are in, you can expect a bumpy ride in 2009. At Land O'Lakes, we're confident we have the financial foundation, resources, strategies and people in place to weather the storm and continue to generate value for member-owners and customers."

    Land O'Lakes' products include eggs, livestock feed and the nation's top-selling butter.

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