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Slide #16. Cal-Maine Foods, Inc. — Remaining Interests in Delta Egg Farm, LLC
Cal-Maine Foods, Inc. (NASDAQ:CALM)
Remaining Interests in Delta Egg Farm, LLC
Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced that it has reached an agreement to acquire 50 percent of the membership interests of Delta Egg Farm, LLC from Sunbest Foods of Iowa, Inc., a Moark, LLC affiliate. The Company currently owns the remaining 50 percent of Delta Egg Farm, LLC, so the entity will become a wholly owned subsidiary of the Company. Pursuant to this agreement, Cal-Maine Foods will purchase the membership interests for a total of $17.0 million. Delta Egg Farm, LLC owns and operates a feed mill and egg production complex with capacity for approximately 1.2 million laying hens, located near Delta, Utah, and an organic egg production complex with capacity for approximately 400,000 laying hens located near Chase, Kansas. The Company expects to close the transaction effective March 1, 2014.
Cal-Maine Foods is engaged in the production, grading, packaging, marketing and distribution of shell eggs. Co. sells most of its shell eggs in the southwestern, south-eastern, mid-western and mid-Atlantic regions of the United States. Co.'s operations consist of hatching chicks, growing and maintaining flocks of pullets, layers, and breeders, manufacturing feed, and producing, processing, packaging, and distributing shell eggs. Co. markets organic, vegetarian, and omega-3 eggs under its 4-Grain® brand, which consists of both caged and cage-free eggs. Co. also produces, markets, and distributes private label specialty shell eggs to several customers.
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Strong Buy (4.00 out of 4)