Walmart: takes stake in Sustainable Beef
(CercleFinance.com) - Walmart announced on Wednesday that it will take a minority stake in Sustainable Beef, a new player in the US beef processing industry.
The US retail giant said the investment will help the company open its first beef packing facility in North Platte, Nebraska.
The facility, which is expected to be operational by the end of 2024, will slaughter 1,500 head of cattle per day and employ 800 people in a hybrid "cooperative" model.
Walmart explains that the deal is part of its strategy to secure its supply of premium Angus beef.
However, this wasn't deemed very meaty news by investors, with Walmart shares pretty flat on this news yesterday.
Copyright (c) 2022 CercleFinance.com. All rights reserved.