Date: Fri, 19 Jul 2013 19:31:17 +0000
From: Gene Galin
Subject: Top bidder pays $5.36 million for NC assets of chicken processor
Read the entire story at
http://www.newsobserver.com/2013/07/18/3039153/top-bidder-pays-536-million-for.html
A group led by a California auction company cast the winning bid in a bankruptcy auction for the North Carolina assets of chicken processor Townsend.
San Francisco-based Rabin Worldwide led a group that made a high bid of $5.36 million at an auction earlier this week. Rabin expects to close on the property, which includes plants in Pittsboro, Siler City and Mocksville, within the next few weeks.
Rabin has reached an agreement to sell about 80 percent of the equipment in the Siler City plant to Ozark Mountain Poultry, which will use it in its facility in Arkansas. Omtron spent $8 million installing new equipment in the Siler City facility before shutting it down.
Rabin will then try to find a buyer for both the Siler City plant and an adjacent office building.
The equipment in the Pittsboro plant will be auctioned off, and Rabin’s group has entered into an agreement to sell 534 acres of land on which the plant sits to Cary-based Preston Development. Preston is accumulating land for Chatham Park, a massive new business and residential park it is planning in Pittsboro.