Hormel Foods and WholeStone Farms have entered into an agreement to sell Hormel Foods processing plant to WholeStone Farms.
The transaction includes the processing plant in Fremont and a multiyear agreement to supply raw pork to Hormel Foods.
“The strategic decision to transition the Fremont facility to WholeStone arms reflects the long-term, changing dynamics in the pork industry, and most important, is aligned with our vision as a global branded food company,” commented Jim Snee, chairman of the board and president and chief executive officer at Hormel Foods.
Dr. Luke Minion, chairman of the board of directors of WholeStone farms said, “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.”
Financial terms of the transaction, which is expected to be completed in December 2018, were not disclosed.
Source: Hormel Foods