Hormel Foods Corp., the manufacturer of SPAM and Jennie-O turkey products, has announced it has paired up with compatriot agribusiness company Cargill Inc. to sell beef and pork in a new joint venture company.
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The new entity will trade as Precept Foods LLC and sees Cargill’s Excel Corp. meatpacking unit supplying fresh pork and beef to US retailers under the programme under the existing Hormel ‘Always Tender’ brand.
In a joint statement, the companies said the venture positions Precept Foods to compete in the fresh case ready meat market while providing customers a broad assortment of meats from which to choose.
“Livestock producers have been urging packers to market more meat through branded programs,” said Warren Staley, chairman and chief executive of Cargill, the leading US grain exporter.
Financial terms weren’t disclosed, but Hormel said that Precept Foods will be based at Hormel’s headquarters in Austin, Minnesota..
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By GlobalDataEach company will independently maintain their existing fresh case-ready and other meat product lines.
