COLUMBUS, Ohio Cargill Value Added Meats, part of Cargill Inc., has said that it will complete its acquisition of Carneco Foods by January. The companies announced that they had come to terms on a purchase agreement Thursday for Cargill to buy two of Carneco’s processing plants, reports said.
Cargill Value Added Meats was searching for a new operating plant after it lost its Booneville, Ark., facility to a fire March 23. by fire on Easter Sunday. Cargill Value Added Meats president, John O’Carroll, told the press that Cargill was approached by Lopez Foods, the owner of Carneco, and Lopoez offered to sell its two facilities. O’Carroll also said that originally Cargill has planned to open a new plant in Texas.
Carneco is the maker of beef chubs, frozen beef patties and pre-packaged fresh ground beef.
Details of the buyout are said to be finalized on or around Jan. 2, 2009.