Upper Iowa Beef has announced that it has halted production and reduced staff in its Lime Springs facility. The plant closed two weeks ago due to a “financial model that wasn’t producing results,” reports Cedar Valley Business Monthly. The company’s board met last week to discuss its future. Stephen Eastman, chairman of the board and co-owner of S&D Farms cattle farm, issued a statement saying the company “does not have any interest in (publicity) about the project.”
“Inventory was going up and sales were not adequate, as far as I understand it,” said Jesse Stevens, the company’s founder and president who no longer serves on the board.
The plant opened in February and was focusing on locally raised beef from Iowa and Minnesota farms within 100 miles of the plant. According to Michael Spinks, general manager, the company downsized from more than 50 employees to two. He expressed doubts that the operation would resume, citing facility issues and inadequate outside investment. Eastman stated that the company has no relationship with Spinks.
Source: Cedar Valley Business Monthly