DFA Highlights Their One Connected Cooperative Statement at Their Annual Meeting
With the mission of being built on the foundation that they’re stronger together, Dairy Farmers of America (DFA) Board Chair, Randy Mooney, told the attendees at the 2024 DFA Annual Meeting in Kansas City, Mo., that the largest dairy cooperative remains financially strong.
“Now we are in a position to go even further,” he said. “To innovate changing consumer needs to unite the industry around progress. To show the power of theory as a solution to the world's problems. Secure the future for the next generation. The significance of what we do cannot be overstated."
Mooney recognized that 2023 was a challenging year for many producers and shared that he saw some of his neighbors experience an added layer of worry as their processors struggled. He noted that was not a problem for DFA.
“You should be proud of what we built - a financially strong, resilient, profitable, well-positioned weather changing business environments and economic challenges because of our focus on ROI strategically invested in innovation,” he said.
In fact, DFA was named the dairy processor of the year in 2023 by Dairy Foods magazine. They also are strong, showing a large global presence, and showcasing products in 60 countries.
“We're also able to capitalize on innovative breakthroughs and processes packaging. Our own brands are bringing together expertise from all corners, working operations,” Mooney stated, noting that growth can be seen in terms of the number of plants, employees, capabilities and services to customers.
Growth Needed
Mooney said that the time is now to drive forward, and not look back and wish more was done.
“It's because of our size that we can invest in technology to optimize systems and short-term costs that will lead to long-term sales,” he said. “Moving forward requires us to innovate and the way we operate, connect with consumers the way we serve our farmers.”
Since assuming the role of CEO in 2022, Dennis Rodenbaugh, DFA’s president and CEO, has worked to instill a culture focused on operational performance to deliver value to DFA’s farmer-owners through collaborative actions. Proud of where DFA ranks, including being part of some of the businesses in the world ranking among the top third of the Fortune 500 companies.
“Our teams throughout DFA are driven to performance by a great purpose,” Rodenbaugh said, sharing that he believes that each of the 19,000 employees are an expert in their field and providing solutions to its members.
According to Rodenbaugh, DFA reached profitability again in 2023, noting it was not easy.
“It took all of these leaders in this room and teams across the country to execute a new strategy, new tactics to work as one,” he said.
For 2024, DFA is off to a good financial start, exceeding projected earnings for both January and February, but Rodenbaugh notes that there is a lot of the year ahead and a lot of work to do. He also shared that in recognition of the challenging economics on farms, the DFA Board of Directors voted to distribute an early allocation of a patronage dividend to DFA farmer-owners.
“Our goal is to add value back into our member pockets and into the future,” he said, noting that in November, DFA farmer-owners received a check for their share of a patronage dividend for the first nine months (January to September) of 2023 and that the remaining patronage dividend for the last 3 months of 2023 will be paid in September 2024, in accordance with the normal distribution process.
Rodenbaugh concluded that DFA is 10,000 family farm owners, 19,000 employees, customers, and industry partners strong. He thanked the members in attendance for their dedication and hard work they provide day-in and day-out, 365 days a year and noted that without their dedication and commitment, DFA would not be well positioned to tackle the future ahead.
