Beef processor cuts a quarter of its workforce to build capital

 Resize text         Printer-friendly version of this article Printer-friendly version of this article

A South Dakota beef processing plant has suffered another setback, temporarily laying off 108 employees less than a year after opening its doors.

Northern Beef Packers notified its employees Thursday afternoon and has set a goal of hiring all 108 employees back in July. The company plans to raise enough money to increase processing from 200 to 1,500 cattle per day.

The Associated Press reports the company will raise money by working with additional foreign investors, international trading companies, established food companies and financial investors. Northern Beef Packers has already raised over $150 million, but seeks to add $20 million in working capital to buy more cattle and expand production.

Keloland reports the company is helping laid off employees with insurance and unemployment.

Northern Beef Packers has faced multiple setbacks over the last seven years. Land for the 420,000-square foot facility was acquired in 2006 but financial issues and local discontent continuously postponed the expected opening date.

The company was limited to processing only 125 cattle per day in December when wastewater infractions in October limited operations.



Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


NUPLURA® PH

NUPLURA® PH, the newest advancement in cattle pneumonia protection in the past decade, is the first-ever Mannheimia (Pasteurella) haemolytica vaccine ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Leads to Insight