Hormel Dissolves JV with Precept Foods
Hormel Foods Corp., Austin, Minn., and Excel Fresh Meats, a subsidiary of Cargill, dissolved their joint venture with Precept Foods LLC.
“Effective at the end of fiscal 2014, we dissolved our Precept Foods partnership by mutual decision with Cargill Meat Solutions,” according to a statement produced by Hormel Foods. “Sales of $115 million were associated with this business, but we do not anticipate a material impact to segment profit as a result of this change. Both companies believed the best option was to dissolve the partnership. Cargill will still supply case-ready products to Hormel Foods.”
The companies formed the joint venture in 2002 to market branded fresh case-ready beef and pork under the Hormel Always Tender brand.