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Pork Plants Holds Out For a Future

by 5m Editor
22 January 2008, at 9:55am

PRINCE EDWARD ISLAND - Local press reports say that workers at the doomed PEI pork processing plant in Charlotte remain confident the facility will find new owners.

Monday was the deadline for the company to repay a $1.5 million loan. The owner, Natural Organic Food Group, handed over control of the plant to PEI government last week as it did not have the cash to settle its debt.

Nova Scotia's CBC News says that Provincial government officials are continuing to look for receiver and have assured that the plant will stay open. However, it is still not clear how long the money-losing plant can carry on.

Union chief Shawn Curley says employees believe the plant was on the right track before conceding to financial setbacks.

According to the PEI Guardian, the owners had struggled to upgrade production and meet the demands of high-end natural and organic niche markets.

P.E.I. Pork Plus was a 49 per cent shareholder while Natural Organic Food Group from Quebec owned 51 per cent. The two partners bought the plant for a loonie a year ago.

“I really believed they had the right idea and we’re sorry to see them step out of the picture, all we can do now is hope someone else can find a way to make the profit and keep it going,” he said in an interview Monday, the day the government said it would call in the loan from the plant owners.

To read press reports click here and here.

Further Reading

- Go to our previous news item on this story by clicking here.

5m Editor