Prime concludes wet blue facility sale
10/03/2009
Prime Tanning Company has announced the completion of the sale of its wet blue tanning facility in St Joseph, Missouri, to an affiliate of National Beef Packing Company. Terms of the transaction were not disclosed. Prime said this sale brought to a conclusion the operational streamlining, factory consolidation, and financial restructuring programme it began in November 2007.
In addition, Prime announced the resignation of its chief executive, Robert Moore. Mark Kehaya, the company’s chairman, will take on the role.
Mr Kehaya commented: “Prime has successfully emerged from a difficult operational and financial restructuring that has streamlined the company, significantly reduced operating costs, decreased debt, and positioned Prime for future profitability despite an unprecedented downturn in the global economy. We are eager to get back to work and focus our efforts solely on making superior leather for our global leather customers.”
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