CATTLELAND, Iowa (AP) – The biggest cattle producer in the U.P. will close this year by 2019, marking the end of one of the U,S.’s biggest economic engines.
Cattleman’s Pride said it plans to shutter its U.K. operations in 2018 and to cease production of beef from 2019 through 2020.
The company’s CEO, Richard C. Cowper, told the Associated Press that the decision was made because the business was struggling financially and had fallen behind on payments for cattle.
Cargill’s U.N. subsidiary will be the sole owner of the plant, with a lease to operate until 2024.
Cargill has also acquired a U.A.E. operation.
CropLife International announced plans to buy a 70% stake in Cattleman.
The U.F.C. said it will buy a 20% stake.
Climax Industries will purchase a 10% stake, the company said in a statement.