Iowa Premium Pork selling stock for plant purchase - Newsline
Rural Cooperatives, March-April, 2004 by Dan Campbell
Iowa Premium Pork Co. (IPPC), a farmer-owned co-op, is attempting to raise $6.5 million to buy a processing plant the Hartley, Iowa. The plant is owned by PM Beef Holdings LLC, of Richmond, Va., which closed it a year ago after it expanded a similar plant in Minnesota. IPPC farmer members are being asked to invest $10 to $12 per share, up to 1.7 million shares, in a subsidiary called Majestic Food Group LLC.
Majestic plans to acquire the processing plant and have hogs slaughtered at other plants. Plans call for 1,000 hogs to be processed daily, building to 2,000 daily within a month after operations begin this summer. Within three years, the co-op plans to process 6,000 hogs daily, or about 1.5 million per year. The plant will employ 130 people.
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