Investor could be last chance for P.E.I. hog plant
CANADA - Faced with delivering on a short-term government loan, P.E.I.'s only hog processing plant is pinning its hopes on a new investor.
19 October 2007
2 minute read
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| The new owners are focusing on "natural" and organic pork. |
Earlier this week, Provincial Treasurer Wes Sheridan revealed that the government has loaned $200,000 to Natural Organic Food Group Inc., formerly known as Garden Province Meats. The plant got its new owners about a year ago. They changed its focus to organic and what it calls "natural" pork production. But the plant continues to struggle.
"It is a very, very tough time right now for the hog industry. Prices have dipped below a dollar a kilo," said Sheridan.
"We have just put out a little more money, $200,000 to the plant to try to get them over the next 30-day hump."
Sheridan said if the plant doesn't have stable financing in 30 days, the government will have a difficult decision to make.
