Beef producers from across the Maritime provinces have shown strong support for the proposed new beef plant through the purchase of shares.
"Sales of shares to support the new branded beef processing plant are over and above what we hoped to achieve. We had set a goal of selling 18,000 shares and we have exceeded that by a considerable margin. I am pleased that our Maritime producers have purchased enough shares, or hooks, to move forward with a plant," said Dean Baglole, a beef producer from Freetown, Prince Edward Island and chair of Atlantic Beef Producers Co-operative Ltd. "The amount of shares purchased show how strongly producers support this plant. The producer co-operative is well positioned to move forward. Our partners in the new plant, the Government of Prince Edward Island and Co-op Atlantic, needed to know the producers financially supported the plant to proceed with construction."
Mr. Baglole said the sale of Class A Preference Shares, or hooks, was very strong considering the difficult time the beef industry is going through. "We have a lot of challenges in this industry right now with the current crisis of trade borders closed to export beef and cattle, so the producer confidence in the plant is welcome good news," he said. "Our Atlantic consumers told us they want more locally produced beef and this is our opportunity to gain more control over the processing and marketing of our products. Marketing cattle to a Maritime plant will let us supply our Maritime market efficiently and that is exciting for beef producers."
The purchase of shares, or hooks, by both feedlot and cow calf producers in the three provinces gives the producer co-operative operating equity to start the new brand plant. Sales of more shares will reopen at a date to be announced in the future.
The marketing mission of Atlantic Beef Producers Co-operative Ltd. is to supply value-added branded program cattle to Atlantic Beef Products Inc.®.