08/13/2022
Beef producers are standing up for their share of the profits! 👏🏻👏🏻👏🏻
PRODUCER OWNED BEEF LAUNCHES WITH STATE OF TEXAS FUNDING
The Country’s Only Beef Producer-Owned Processor Awarded $12.232 Million From The Texas Enterprise Fund
AMARILLO, Texas –– Texas Governor Greg Abbott announced today that the State of Texas, through the Texas Enterprise Fund, intends to support the creation of Producer Owned Beef’s state-of-the-art beef processing facility in Amarillo –– the only such facility in the nation to be owned by cattle producers and operated by beef processing industry veterans. Abbott’s office presented the award at a launch event in Amarillo today with the support of Texas Economic Development Fund representatives, Amarillo Mayor, Ginger Nelson and Amarillo Economic Development Corporation CEO, Kevin Carter.
The Governor’s Enterprise Fund $12.232 million announcement complements the Amarillo City Council’s unanimous decision to authorize Amarillo Economic Development Corporation (AEDC) incentives for Producer Owned Beef, LLC to build its new headquarters in Amarillo. Along with infrastructure improvements, the AEDC and City of Amarillo approved incentives of up to $11.1 million to establish the state-of-the-art facility –– a $670 million capital investment. The facility, designed to process 3,000-plus head of cattle per day, aims to employ nearly 1,600 people from the High Plains region.
“The importance of Texas Enterprise Fund along with Amarillo EDC backing for this project cannot be overstated” said Casey Cameron, CEO of Producer Owned Beef. “Public-Private Partnerships are proven to attract additional investors and create a virtuous cycle of commerce, employment and tax revenue for our communities and state. Our commitment is to build and operate a beef processing facility that stands out from the rest of the industry in animal well-being, environmental protections, team member safety and ergonomics, and the highest quality beef products.”
Producer Owned Beef Independent Model
Producer Owned Beef’s innovative business model restores balance in the beef industry by reversing compensation disparities cattle producers currently face. As owners of the company, producers will receive a percentage of wholesale beef prices for the cattle they supply and a share of the profits from the plant.
“Many of our ranchers and feeders are third-, fourth- or even fifth-generation producers who have invested their lives in feeding Americans,” said Monte Cluck, a Producer Owned Beef Board Member. “With this model, where producers are also owners, we’re creating economic sustainability for small and medium-sized producers by ensuring they receive a greater share of the financial upside for the hard work they do.”
