Northern Beef Packers completes final round of financing
Northern Beef Packers L.P., a beef processor located in Aberdeen, S.D. is announcing that it has successfully completed its final round of financing. The company finalized the loan agreements with its lending partners, bringing the total financing raised to over $150 million.
The final round of financing will allow Northern Beef Packers to meet the growing global demand for high-quality, American raised beef. The processing plant is the most technologically advanced plant in the world, with industry leading food safety standards and humane handling practices in place. The company reports that interest in the high-quality beef products produced at the plant has been exceptional from many industry sectors both domestically and abroad. The company is also beginning to learn feedback from how their product is being received in the marketplace, and results have been overwhelmingly positive thus far.
During the initial start-up phase, Northern Beef Packers has been working closely with Hartley Ranch Angus Beef, a distributor of high-quality Angus beef, to market the majority of its production to date. Hartley Ranch Angus Beef has committed to being a long-term customer of the company. A number of customers have joined Hartley Ranch Angus Beef in recent weeks, and the company will continue to grow its customer base as additional product volume becomes available.
Production at the plant continues to increase according to management’s plans. Officials at the plant report that they are taking careful consideration in employee training, ensuring a healthy and safe working environment. The company has hired over 350 employees to date, and will continue to grow its skilled workforce to over 500 employees in the weeks ahead as production continues to increase. At full capacity, the processing plant is capable of harvesting 1500 head of cattle per shift, resulting in more than one million pounds of boxed beef and offal products produced every day at the facility.
Source: Northern Beef Packers LP
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