Premium Iowa Pork submitted the highest bid of $13 million for the Hylife Foods pork plant in Windom, Minn., during the planned bankruptcy auction held last week. Premium Iowa Pork, based in Hospers, Iowa, and Premium Minnesota Pork, located in Luvern, Minn., together produce a majority of the 3% of crate-free, antibiotic-free pork in the U.S.
While a company spokesperson confirmed the sale on Friday to the Star Tribune, the deal was not expected to be finalized until this week.
The Star Tribune also reported Friday that Premium Iowa Pork does not plan to retain the 1,000-plus employees that had previously worked at the plant. Approximately half of the employees are here in the U.S. on H-2B visas and will have to leave within 10 days of their employment ending at HyLife.
Meanwhile, the Star Tribune reported that a federal judge had approved an agreement between Hylife and South Dakota- based AgriSwine Alliance for the sale of 20,000 finisher hogs at a price $60.00/head, or $1.3 million. The company was reportedly already raising the hogs and was the sole bidder.Click here to see more...