Richland, Mississippi, October 4, 2021--(BUSINESS WIRE)--California Maine Foods Corporation (NASDAQ: CALM) today announced that the company’s board of directors has approved a strategic investment, The investment will focus on high-value commercial product solutions for the specific needs of the food industry. The initial focus will include cooked and extended shelf life egg product lines. The new entity in Neosho, Missouri will operate as MeadowCreek Foods, LLC ("MeadowCreek").
Cal-Maine Foods will capitalize MeadowCreek with up to $18.5 million in debt and equity to purchase property and equipment and fund working capital. Cal-Maine Foods will retain a controlling interest in the joint venture. The MeadowCreek management team will be led by Ronald B. Bennett. Cal-Maine Foods will be the preferred supplier to provide MeadowCreek with special eggs and traditional eggs needed for egg products. MeadowCreek's marketing plan will expand Cal-Maine Food's influence in the food service and retail market, and bring new opportunities to restaurants, institutions, and industrial food.
Bennett will serve as President of MeadowCreek, bringing 30 years of experience in the egg industry to the new venture. Bennett recently joined DeJong Operational Management & Consulting to create, develop and install operational improvements and solutions for high-value ready-to-eat food and biotechnology companies. Previously, he served as Chief Operating Officer of Prime Foods from 2011 to 2019. Bennett also served as Director of Egg Products for Moark, LLC, where he joined the company in 1998. Bennett began his career in the egg products department of Cal-Maine Foods. year 1991.
Commenting on the announcement, Dolph Baker, Chairman and CEO of Cal-Maine Foods, Inc. said: "We are pleased to announce a strategic investment in MeadowCreek, which provides an opportunity for Cal-Maine Foods to not only expand our influence In the field of egg products, we position ourselves as a better way to find solutions to economically feed the growing world population. Although currently about 30% of the eggs produced are further processed in the United States, as specialty eggs become More and more popular, we see demand for more specialty egg products, including cage-free products, to meet industrial, food service and retail needs. We believe that MeadowCreek will play an important role in meeting this demand and look forward to us Collaboration with Ronald and his operations team to support this goal adventure."
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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