WholeStone Farms, L.L.C. has reached an agreement to acquire the Fremont, Neb., processing facility of Hormel Foods Corp. Financial terms of the transaction, which includes a processing facility and a multiyear agreement to supply pork raw materials to Hormel, were not disclosed.
“The purchase of the Fremont, Neb., processing facility from Hormel Foods aligns with our vision to create and capture value in the pork supply chain for the 220 independent producers who own WholeStone Farms,” said Luke Minion, chairman of the board of directors of WholeStone Farms. “We value the dedication and experience the existing team brings to WholeStone Farms and are committed to significant additional investments in the facility for production efficiencies and enhancing employee wellness.”
James P. Snee, president and chief executive officer of Hormel, said the Fremont facility has been an important part of Hormel for decades, but the strategic decision to sell the facility to WholeStone Farms “reflects the long-term, changing dynamics in the pork industry, and most importantly, is aligned with our vision as a global branded food company.”
Glenn Leitch, executive vice-president of supply chain at Hormel, said the Fremont facility will continue as an integral part of Hormel’s supply chain.
“Our focus continues to be on ensuring a stronger supply chain from procurement to shipment of products, fully optimizing our system to create an efficient, enterprise-wide structure to keep pace with the growing needs of our business,” Mr. Leitch said.
By Eric Schroeder
Source: Food Business News
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