Agriprocessors was the corporate identity of a slaughterhouse and meat-packaging factory based in Postville, Iowa, best known as a facility for the glatt kosher processing of cattle, as well as chicken, turkey, duck, and lamb. Agriprocessors' meat and poultry products were marketed under the brand Iowa Best Beef. Two-thirds of its output was non-kosher. Its kosher products were marketed under various labels, including Aaron’s Best, Shor Habor, Supreme Kosher and Rubashkins.
The firm was founded and owned by Aaron Rubashkin, who purchased the meat-packing facility in 1987, and managed by two of his sons, Sholom Rubashkin and Heshy Rubashkin. Eventually it became the largest kosher meat-packing plant in the United States.
Agriprocessors faced accusations of mistreatment of cattle, pollution, and a series of alleged violations of labor law. In May 2008, the U.S. Immigration and Customs Enforcement (ICE) staged a raid of the plant, and arrested nearly 400 illegal immigrant workers. Agriprocessors plants stopped operating in October 2008, and the firm filed for bankruptcy on November 5 of the same year. Sholom Rubashkin as the highest ranking day-to-day corporate officer was charged with federal financial fraud and sentenced to 27 years in prison in June 2010.
The Agriprocessors plant was bought at auction in July 2009 by SHF Industries and has resumed production under the new name Agri Star.
On November 5, 2008 Agriprocessor filed for Chapter 11 bankruptcy. Factors cited included a loss of most of the workforce due to the May 2008 immigration raid, declining demand for the firm's products, and increased costs in the aftermath of the raid.[54] The Associated Press reported that “Agriprocessors in its bankruptcy filing said the company owed $50 million to $100 million to creditors. The move appears to be an effort to pre-empt foreclosure by a St. Louis bank, which sued Agriprocessors for defaulting on a $35 million loan”.[55]
In December, the bankruptcy court approved a $2.5 million loan for Agriprocessors to allow it to resume poultry processing through at least January 9, 2009 (about 750,000 chickens).[56] The company was run by Chapter 11 bankruptcy trustee Joseph E. Sarachek of Triax Capital Advisors.[57]
Agriprocessor's problems led to a shortage of kosher beef and higher prices nation-wide. Empire Kosher, the largest US producer of kosher poultry, added kosher beef to its product line, beginning production in September 2008.[58]
Agriprocessors was bought at auction in July 2009 by SHF Industries, a company formed by Canadian plastics manufacturer Hershey Friedman, an observant Orthodox Jew, and his son-in-law, Daniel Hirsch.[59] The plant has resumed business under the new name Agri Star Meat & Poultry, LLC.
OVERALL
Beta: 0.69
Market Cap (Mil.): 2,624.77
Shares Outstanding (Mil.): 375.50
Annual Dividend: 41.30
Yield (%): 5.91
FINANCIALS
AFRJ.J Industry Sector
P/E (TTM): 9.31 5.25 20.61
EPS (TTM): 8.17 -- --
ROI: 14.89 0.71 8.01
ROE: 16.82 1.09 14.38
The firm was founded and owned by Aaron Rubashkin, who purchased the meat-packing facility in 1987, and managed by two of his sons, Sholom Rubashkin and Heshy Rubashkin. Eventually it became the largest kosher meat-packing plant in the United States.
Agriprocessors faced accusations of mistreatment of cattle, pollution, and a series of alleged violations of labor law. In May 2008, the U.S. Immigration and Customs Enforcement (ICE) staged a raid of the plant, and arrested nearly 400 illegal immigrant workers. Agriprocessors plants stopped operating in October 2008, and the firm filed for bankruptcy on November 5 of the same year. Sholom Rubashkin as the highest ranking day-to-day corporate officer was charged with federal financial fraud and sentenced to 27 years in prison in June 2010.
The Agriprocessors plant was bought at auction in July 2009 by SHF Industries and has resumed production under the new name Agri Star.
On November 5, 2008 Agriprocessor filed for Chapter 11 bankruptcy. Factors cited included a loss of most of the workforce due to the May 2008 immigration raid, declining demand for the firm's products, and increased costs in the aftermath of the raid.[54] The Associated Press reported that “Agriprocessors in its bankruptcy filing said the company owed $50 million to $100 million to creditors. The move appears to be an effort to pre-empt foreclosure by a St. Louis bank, which sued Agriprocessors for defaulting on a $35 million loan”.[55]
In December, the bankruptcy court approved a $2.5 million loan for Agriprocessors to allow it to resume poultry processing through at least January 9, 2009 (about 750,000 chickens).[56] The company was run by Chapter 11 bankruptcy trustee Joseph E. Sarachek of Triax Capital Advisors.[57]
Agriprocessor's problems led to a shortage of kosher beef and higher prices nation-wide. Empire Kosher, the largest US producer of kosher poultry, added kosher beef to its product line, beginning production in September 2008.[58]
Agriprocessors was bought at auction in July 2009 by SHF Industries, a company formed by Canadian plastics manufacturer Hershey Friedman, an observant Orthodox Jew, and his son-in-law, Daniel Hirsch.[59] The plant has resumed business under the new name Agri Star Meat & Poultry, LLC.
OVERALL
Beta: 0.69
Market Cap (Mil.): 2,624.77
Shares Outstanding (Mil.): 375.50
Annual Dividend: 41.30
Yield (%): 5.91
FINANCIALS
AFRJ.J Industry Sector
P/E (TTM): 9.31 5.25 20.61
EPS (TTM): 8.17 -- --
ROI: 14.89 0.71 8.01
ROE: 16.82 1.09 14.38
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