Glen Taylor, owner of the Minnesota Timberwolves and many other businesses, has signed a deal to purchase the former PM Beef plant in Windom, Minn., for an undisclosed sum.
Taylor and a partner plan to invest $20 million to $25 million to convert the plant, which has been closed since Dec. 11, to a state-of-the-art pork processing facility. More than 260 workers lost their jobs when the beef plant in southwestern Minnesota shut down production.
Its former president cited deteriorating industry conditions and rising cattle prices as the reason for the closure. The plant had run for decades — owned by PM Beef Holdings since the early 1990s and before that by Caldwell Packing.
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