Ill. Pork Producer Buys Minn. Chicken Company
ST. CLOUD, Minn. (AP) -- An Illinois pork processor announced plans Friday to buy Minnesota meatpacker GNP Company, which sells chicken under the Gold'n Plump, Just BARE and Sunny Roost brands.
The family owned companies issued a joint statement that did not disclose terms of the deal.
The Maschoffs LLC and GNP said they will continue to operate separately, but the deal will give GNP capital for long-term growth to meet demand for its products. The Maschoffs is the nation's largest family-owned pork production company with more than 1,200 workers and operations in nine states.
"This gives each business unit the opportunity to take advantage of growth opportunities that will help make us all more successful," Jason Logsdon, The Maschhoffs chief executive officer, said in a statement. "Over time, the companies will share best practices, leverage select strategic shared resources, and benefit from the balance sheet strength of an organization that is diversified across multiple proteins."
GNP Chief Executive Officer Mike Helgeson called the deal "a win-win from both the business and organizational standpoints," saying it provides "critical resources for growth and secures a strong future for all of our team members and growers."
GNP, which has 1,700 workers and 350 farms that supply it, will keep its headquarters in St. Cloud.
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