A beef processor with headquarters in Corpus Christi, Texas has been acquired by new ownership led by Texas cattlemen who plan to revive the business.
Sam Kane Beef Processors announced the purchase Thursday, saying the change “injects new liquidity and strength into the operation, securing this vital element of the South Texas cattle industry.”
KIIItv.com reports a City panel overseeing economic development has approved grant money to help the company pay for projects to retain employees. The last two years of drought conditions in South Texas have affected the beef processor, leading to layoffs.
The company’s new owner, Lou Waters, says the grant money will help the company grown and become more competitive in the market. Sam Kane Beef Processors will receive $3 million in grant money over the next five years.
The company was founded in 1949 and has grown from a small retail company to an operation that serves thousands of customers in foreign and domestic markets.
Operations will not be interrupted and most of the company’s 700 employees have been retained. Waters said the company’s skilled workforce and loyalty of its partners and customers display a bright long-term future for the company.