Richland, Mississippi, October 25, 2021--(BUSINESS WIRE)--Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that its board of directors has approved a 23 million U.S. dollar capital project to expand the company's cage-free production facility in Okeechobee, Florida to produce eggs. The project will include the construction of two cage-free layer houses and one cage-free hen house, which can accommodate approximately 400,000 cage-free hens and 210,000 hens, respectively. Construction will begin immediately. The first floor of hens is planned to be placed in mid-May 2022. The first floor of houses will be completed on October 1, 2022, and the second floor of houses and projects are expected to be completed on February 1, 2023. The company plans to use a combination of available cash on hand, investment, and operating cash flow.
Commenting on the announcement, Dolph Baker, Chairman and CEO of Cal-Maine Foods, Inc. said: "This recent expansion project in Florida supports our strategy to position Cal-Maine Foods as an industry leader that meets growing demand. .Used in specialty egg products, including cage-free eggs. We have a strong market share in Florida, and Okeechobee provides services to a large customer base. This expansion will further enhance our service to this important market area Capacity, production and distribution are close to our customers. Since 2008, we have invested approximately US$482 million in facilities, equipment and related operations to expand our cage-free production and distribution capabilities. We are committed to satisfying the needs of our valued customers Demand and will continue to look for further growth opportunities as consumer demand and the country’s requirements for cage-free eggs continue to expand."
Cal-Maine Foods, Inc. is mainly engaged in the production, grading, packaging, marketing and sales of fresh eggs, including traditional eggs, cage-free eggs, organic eggs, pasture-raised eggs, free-range eggs and nutritionally fortified eggs. The company is headquartered in Richland, Mississippi, and is the largest producer and distributor of fresh shell eggs in the United States. Most of its shell eggs are sold to states in the southwest, southeast, midwest, and mid-Atlantic regions of the United States. America.
The statements contained in this press release that are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current intentions, beliefs, expectations, estimates and forecasts about our company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. Factors that may cause actual results to differ materially from the results predicted in the forward-looking statements include (i) the company’s documents submitted to the US Securities and Exchange Commission (including its annual report and quarterly report on Form 10-K). -Q and the current report in Table 8-K), (ii) inherent risks and hazards of the shelled egg business (including diseases, pests, weather conditions and the possibility of recall), (iii) changes in demand and changes in shelled eggs Market prices and feed costs, (iv) our ability to predict and meet the demand for cage-free eggs and other specialty eggs, (v) the risks, changes or obligations that may result from the acquisition of new chicken flocks or businesses in the future, as well as the inability to The risks or changes that meet the conditions for completing the pending acquisition, (vi) the risks associated with the evolving COVID-19 pandemic, and (vii) the unfavorable outcome of pending litigation matters. SEC documents can be obtained from the SEC or the company's website www.calmainefoods.com. Readers are cautioned not to rely too much on forward-looking statements, because although we believe that the assumptions underlying forward-looking statements are reasonable, we cannot guarantee that these forward-looking statements will prove to be accurate. In addition, the forward-looking statements contained herein are only made on their respective dates, or if no dates are stated, as of the date of this document. Unless otherwise required by law, we do not undertake any intent or obligation to publicly update these forward-looking statements due to new information, future events or other reasons.
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Dolph Baker, Chairman and CEO Max P. Bowman, Vice President and Chief Financial Officer (601) 948-6813
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