Hormel Foods Corporation, a Minnesota headquartered global branded food firm, has reportedly announced to have inked a definitive contract to sell its Fremont, Nebraska-based processing unit to WholeStone Farms, LLC.
Speaking on the firm’s stake sale decision, Chairman of the Board, Chief Executive Officer, and President at Hormel Foods, Jim Snee was reportedly quoted stating that the company is delighted to have found a new home for the team of Fremont facility which has been a significant part of the company for many decades. Snee further added that the strategic decision to hand over the Fremont-based processing unit to WholeStone Farms is aligned with the firm’s vision as a global branded food company and indicates the rapidly changing long-term dynamics of the pork industry.
Commenting on the latest takeover, Chairman of the Board of Directors at WholeStone Farms, Dr. Luke Minion was reportedly quoted in a press release issued by WholeStone Farms stating that the acquisition of the Fremont processing plant from Hormel Foods is in line with the company’s vision. Incidentally, the firm’s vision is to capture and create a significant pork supply chain for the 220 independent producers and farmers that own WholeStone Farms. Minion further added that the firm values the experience and dedication the existing team of Hormel Foods brings to WholeStone Farms and the firm would pour in additional investments in the facility to enhance employee wellness and production efficiencies.
As per reliable sources, the agreement includes a multi-year deal to deliver pork raw materials to Hormel Foods and a processing facility. Reportedly, the current management team and workforce at Fremont facility would remain in place to ensure business continuity for all shareholders.
For the record, Hormel Foods Corporation boasts of a classic brand portfolio comprising SPAM®, Justin’s®, Wholly Guacamole®, Natural Choice®, Applegate®, and more.
Sources familiar with the development claim that the transaction is expected to be concluded in December 2018 subject to customary closing stipulations.