RIDGELAND, MISS. — The board of administrators at Cal-Maine Meals, Inc. permitted a strategic funding in MeadowCreek Meals, LLC, a brand new egg products manufacturing firm.
Situated in Neosho, Mo., the brand new entity will deal with hard-cooked and prolonged shelf-life egg products. Cal-Maine will capitalize MeadowCreek with as much as $18.5 million in debt and fairness to buy property and gear and to fund working capital. It is going to retain a controlling curiosity in the venture and can provide the corporate with specialty and standard eggs.
MeadowCreek’s advertising plan will increase Cal-Maine’s attain in the foodservice and retail channels whereas opening new alternatives in the restaurant, institutional and industrial meals products area, stated Dolph Baker, chairman and chief government officer of Cal-Maine Meals. The Ridgeland, Miss.-based firm produces and distributes contemporary shell eggs, together with standard, cage-free, natural, pasture-raised, free vary and nutritionally enhanced eggs.
“We’re happy to announce our strategic funding in MeadowCreek, which supplies Cal-Maine Meals a possibility to not solely develop our presence in the egg products sector however place ourselves to raised search out options for economically feeding a rising world inhabitants,” Mr. Baker stated. “Whereas roughly 30% of produced eggs are presently directed to additional processing in the USA, as specialty eggs grow to be extra standard, we see the demand for extra specialty egg products, together with cage-free products, to offer for industrial, meals service and retail wants. We imagine MeadowCreek will play an necessary position in assembly this demand.”
The brand new firm’s administration staff will probably be led by Ronald B. Bennett, a 30-year veteran of the egg trade, who will function president of MeadowCreek. Mr. Bennet launched his profession in Cal-Maine’s egg products division in 1991. He additionally was chief working officer at Prime Meals and director of egg products at Moark, LLC. He joins MeadowCreek from DeJong Operational Administration & Consulting, the place he developed operational enhancements for ready-to-eat meals and biotechnology firms.
“We look ahead to our partnership with Ronald and his operations staff in help of this venture,” Mr. Baker stated.