Iowa Premium Pork Company (IPPC) has launched its third and final development phase to become the premier pork cooperative for independent hog producers in Iowa.
Legislation recently passed by the Iowa legislature will permit other groups to participate in the pork cooperative venture.
May 19 is the final date when all participating pork producers are to submit their documents and checks to the IPPC office.
"Our shareholders understand our intent is real and our marketing opportunities are solid," says Roger Coon, president of the IPPC board of directors. "We are now ready to develop the critical mass of a larger, well-supported pork production system that captures additional value opportunities for independent producers."
Funds raised during the equity drive will be used to establish the Majestic Food Group (MFG), purchase three meat processing plants – two in Des Moines, IA, and one in St. Joseph, MO, – and buy a trucking company in Des Moines. The cooperative’s producers would have access to a new market for their hogs and receive year-end dividends from MFG’s profits.
A letter of commitment has been presented to the IPPC by a Midwest lender. This bank is to provide financing to compliment the equity drive funds needed to complete the purchases.
There are 1.8 million shares available for purchase. Purchases will be filled in the order the subscriptions and checks are received.