Excel Signs Letter Of Intent To Acquire Taylor Companies
For Immediate Release: November 14, 2001
Contact: Mark Klein, Cargill (952) 742-6211
WICHITA, KAN., Nov. 14, 2001 - Excel Corporation said today that it has signed a letter of intent to acquire Taylor Packing Co. Inc., Taylor By-Products, Inc. and related companies
Taylor is a leading beef processor in Wyalusing, Penn. Terms of the transaction were not disclosed. The acquisition is expected to close by the end of January 2002, and is subject to customary conditions, including obtaining any governmental approvals.
"The Taylor companies are a highly-respected family business that will fit well with Excel's meat solutions strategy, especially with our case-ready and fresh-beef efforts," said Bill Buckner, president of Excel. "Taylor has an excellent team of associates that will help us with our growing business in the Northeastern United States."
Buckner noted that early in 2002 Excel will open a case-ready meats facility in Hazleton, Penn., which Taylor could help supply. Buckner said that the Taylor operation also fits well with Excel's recent acquisition of Emmpak Foods, Inc., a Milwaukee, Wis.-based producer of value-added meats.
Ken Taylor, president and chief executive officer of Taylor Packing Co., Inc., said: "The decision to relinquish control of a multi-generation family business has been extremely difficult. But the future offers exciting growth opportunities in our industry, and we are very pleased to meet that future as part of Excel.
"I am very proud of our dedicated family of employees who have built the Taylor companies to stand for integrity and excellence. We feel that the business and social values that have guided the Taylor family and the Taylor companies for 60 years are mirrored at Excel. For our suppliers, our customers, our employees and our communities, there is no company we would rather join. Our future is very bright with Excel."
Based in Wichita, Excel is a leader in providing innovative red meat solutions to customers and consumers. The company has about 20,000 employees worldwide and 21 production facilities in the United States, Canada and Australia. Among its leading brands are Sterling Silver, AngusPride, Northridge Farms and Tender Choice. Excel's website is www.excelmeats.com. Excel is a subsidiary of Minneapolis-based Cargill, Incorporated.
The Taylor Companies have 1,100 employees at their beef processing facility in Wyalusing. They are a leading producer of premium wholesale beef products, including coarse ground and case-ready ground beef blends, marketed under the Taylor, Silver-T, Century Farm and Premium Gold Angus brands. Their websites are www.taylorpacking.com and www.taylorbyproducts.com.