GNP and The Maschhoffs' pork production business will operate as separate business units following the closing of the transaction, and will have no immediate impact on GNP’s chicken business or The Maschhoffs' pork production business. GNP’s headquarters will remain in St. Cloud, Minn., and its nearly 1,700 team members and 350 family farm partners will be retained.
"No changes in business operations or company commitments are planned as a result of this acquisition," says Mike Helgeson, chief executive officer of GNP Co. "GNP Co. will continue to build on its reputation as the Midwest's leading provider of premium quality chicken brands and products."
Meanwhile, The Maschhoffs' pork production business unit will continue to dedicate its energies to maintaining and enhancing its position as North America's leading pork production company.
"Our intent is to manage GNP Co. as a separate business unit next to our current pork production business," says Jason Logsdon, chief executive officer. "GNP Co. will continue to be led by its present management team with the support of its current team members and contract growers."
The transaction provides the capital and long-term resources that GNP needs to grow to meet increasing sales demand for its products and brands. GNP’s sales are expected to be about $400 million in 2013.