NOBULL: Northern Beef Packers completes final round of financing

Northern Beef Packers completes final round of financing

By Michael Fielding on 1/10/2013

Northern Beef Packers has completed its final round of financing, finalizing the loan agreements Wednesday with its lending partners and bringing the total financing raised to more than $150 million, according to a company press release.

During the initial start-up phase, Northern Beef Packers has been working with Hartley Ranch Angus Beef, a distributor of Angus beef, to market the majority of its production to date.

Production at the plant continues to increase according to management’s plans. The company has hired more than 350 people to date and plans to grow its skilled workforce to more than 500 employees in the weeks ahead as production continues to increase.

At full capacity, the processing plant is capable of harvesting 1,500 head of cattle per shift, resulting in more than 1 million pounds of boxed beef and offal products produced daily at the facility.

The processing plant is the most technologically advanced plant in the world, with industry-leading food safety standards and humane handling practices in place.