Key Developments For MGP Ingredients Inc
MGP Ingredients Inc (MGPI.O) (Nasdaq)
MGP Ingredients, Inc. Enters Joint Venture With SEACOR Energy Affiliate To Resume Distillery Operations At Pekin, Illinois Facility
MGP Ingredients, Inc. announced that it has entered into a joint venture agreement with SEACOR Energy, Inc.'s affiliate, Illinois Corn Processing Holdings, Inc., to reactivate distillery operations at MGPI's facility in Pekin, Illinois. The facility will be owned and operated by a separate entity called Illinois Corn Processing, LLC and initially will be dedicated to the production of alcohol for beverage, industrial and fuel applications. Production is expected to begin in the near future. Beverage and food grade industrial alcohol produced by the joint venture enterprise will be marketed by MGPI. The facility's fuel grade alcohol, or ethanol as it is commonly known, will be marketed by SEACOR Energy, a subsidiary of SEACOR Holdings, Inc. Fort Lauderdale, Fla.
Don Tracy Appointed CFO At MGP Ingredients, Inc.
MGP Ingredients, Inc. announced the appointment of Don Tracy to the position of vice president of finance and Chief Financial Officer (CFO) effective November 6. In joining MGPI, Tracy succeeds Robert Zonneveld, who left the company to pursue other opportunities last April. Since that time, the role has been filled on an interim basis by David Harbert, a partner of Tatum, LLC, an Atlanta-based executive services firm.
MGP Ingredients, Inc. Announces Ladd Seaberg Retires As Chairman; John Speirs To Succeed-Knobias
Knobias reported that MGP Ingredients, Inc.'s Ladd Seaberg has announced his retirement as a member and Chairman of the Board of Directors of MGP Ingredients, Inc. Seaberg, said his decision to step down from board service was based on his desire to focus additional time on other non-business-related activities and priorities and was partially influenced by health-related reasons. The Company appointed John Speirs as Chairman.
MGP Ingredients, Inc. Announces Sale Of KC Facility, Pet Business To Sergeant's Pet Care Products
MGP Ingredients, Inc. announced the sale of its Kansas City, Kan., facility to Sergeant's Pet Care Products, Inc. The sale was completed on August 21, for an initial payment of $3.6 million, with provision for additional earn out payments to be paid over time. The sale includes all equipment used for the production and packaging of pet-related products, which principally include extruded plant based resins and finished pet treats. The Company will retain ownership of equipment that is used for the production of the Company's Wheatex textured wheat proteins, which are sold for use in meat extension and vegetarian product applications.
Union Local Ratifies New Five-Year Labor Contract With MGP Ingredients, Inc.
Local 74D of the United Food and Commercial Workers (UFCW) Union ratified a new five-year collective bargaining unit agreement with MGP Ingredients, Inc. The agreement, which covers union employees at the Company's Atchison, Kan., plant, takes effect on August 3, 2009, and extends through August 31, 2014. The previous labor contract between the Company and Local 74D ran from September 1, 2005 through August 31, 2008. Following the rejection of a new two-year agreement proposed by the Company last summer, the union enacted a work stoppage at the Atchison plant that lasted from September 27 through October 10. The work stoppage ended when union members voted in favor of the Company's offer to reinstate the previous contract through August 2009.
