Nearly 112 jobs in Lancaster County could be saved after a global corporation has show interest in buying a local struggling company.
Sources tell CBS 21 News that Cargill was in town Thursday, working on this deal. But the sale of Pennfield Corporation is not definite. Pennfield is in bankruptcy so before the sale can happen a court has to approve it.
For the past 93 years, Lancaster County’s Pennfield Corporation has been supplying livestock feed and services all along the east coast. The company has a few locations in PA including this one in Mount Joy.
But lately, due to low milk prices and high feed costs, the company has been struggling. In October, it filed for bankruptcy.
But now Cargill, a giant company with 150,000 employees in 65 countries, is showing interest. With the $8.5 million agreement, Cargill will acquire most of Pennfield’s assets. But, other bidders will have an opportunity to bid.
Pennfield’s President Arnie Sumner released this statement: “We are very pleased that Cargill, with their stature and international presence, desired to acquire Pennfield’s business. We believe that Cargill will be a good steward of the business going forward, building on Pennfield’s superior product quality and our strong commitment to customer service.”
This is not the first time another company has shown interest in buying Pennfield. In October, a company called Wellsource Holding tried to buy it, but the deal fell through.
The sale by the court will be approved, or denied, within the next 21 days. Pennfield does expect to operate normally until the sale is complete.
Sources tell CBS 21 News that Cargill was in town Thursday, working on this deal. But the sale of Pennfield Corporation is not definite. Pennfield is in bankruptcy so before the sale can happen a court has to approve it.
For the past 93 years, Lancaster County’s Pennfield Corporation has been supplying livestock feed and services all along the east coast. The company has a few locations in PA including this one in Mount Joy.
But lately, due to low milk prices and high feed costs, the company has been struggling. In October, it filed for bankruptcy.
But now Cargill, a giant company with 150,000 employees in 65 countries, is showing interest. With the $8.5 million agreement, Cargill will acquire most of Pennfield’s assets. But, other bidders will have an opportunity to bid.
Pennfield’s President Arnie Sumner released this statement: “We are very pleased that Cargill, with their stature and international presence, desired to acquire Pennfield’s business. We believe that Cargill will be a good steward of the business going forward, building on Pennfield’s superior product quality and our strong commitment to customer service.”
This is not the first time another company has shown interest in buying Pennfield. In October, a company called Wellsource Holding tried to buy it, but the deal fell through.
The sale by the court will be approved, or denied, within the next 21 days. Pennfield does expect to operate normally until the sale is complete.