User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


79° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Beef Plant Sale Finalized, Future Still Unknown

April 2, 2014, 6:15 PM by Erich Schaffhauser

Beef Plant Sale Finalized, Future Still Unknown
ABERDEEN, SD -

A beef plant near Aberdeen is officially sold but we still aren't sure what its future holds.

White Oak Global Advisors finalized its purchase of Northern Beef Packers Tuesday. It isn't sharing details at this point of what will happen with the property. It established a new entity, New Angus, which purchased the plant.

A news release says White Oak has confidence in the facility's future as an operating plant. Julie Johnson with Absolutely! Aberdeen is optimistic after talking with White Oak representatives.

"We're very encouraged. They bring a real professional attitude to the entire transaction. I do believe they will do it right. I don't believe there will be a race to do it too fast so I have a lot of confidence in the folks that we've already met with White Oak," Johnson said.

Johnson is confident the plant will be up and running in the future. According to the release from the company, White Oak is still evaluating its options. It submitted a top bid of more than $40 million for the plant in December.

Robert Preston is an assistant professor at Northern State University School of Business. He says he would expect White Oak to sell to another company which wants to operate a processing plant. But he says other scenarios could play out as well, including finding people to manage the plant.

Either way, Preston says, White Oak no doubt has a plan to be profitable.

"These are people who make their living doing this and they don't do it wrong very often or they wouldn't make a very good living," Preston said.

There's been $1 million set aside for unsecured creditors which include workers owed back wages. An Aberdeen lawyer says he expects that to be released soon.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

First DTSF Incubator Store Open For Business

7/23/2014 6:30 AM

605 Running Co., 124 S. Phillips Avenue, just opened its doors on Friday. It's a big grand opening for the store, but also for Downtown ...

Full Story | Watch
Fruit From Walmart And Costco May Be Contaminated

7/22/2014 11:23 AM

A Central California company has issued a voluntary nationwide recall of specific lots of its fresh peaches, plums, nectarines and pluots over concern...

Full Story
Third Walmart Preparing To Open In Sioux Falls

7/22/2014 6:10 PM

Sioux Falls latest Walmart store is preparing to open in just a few weeks.

Full Story
Lance Armstrong Is Grand Marshal For Sturgis Ride

7/21/2014 3:02 PM

Dethroned cyclist Lance Armstrong has been named the official grand marshal of the mayor's ride to kick off the Sturgis Motorcycle Rally.

Full Story
New Mortgage Rules

7/16/2014 10:10 PM

This year, new mortgage rules went into effect to protect homeowners who are struggling. Potential buyers are also required to get education before en...

Full Story | Watch


Events