November 2, 2009
Canadian meat plant receives US$9.6 million gov't investment
Quebec-based beef packer Levinoff-Colbex, largest culled cattle slaughterplant in Eastern Canada, has received the investment of up to US$9.6 million from the Canadian government to help improve long-term profitability.
This is the first project announced under Agriculture and Agri-Food Canada's Slaughter Improvement Program, part of Canada's Economic Action Plan.
Levinoff-Colbex has been conditionally-approved for a loan to construct a new processing facility next to its existing slaughterhouse in St-Cyrille-de-Wendover. The loan is contingent on Levinoff-Colbex completing a significant financial restructure.
This federal government loan is made in addition to a US$10 million loan already granted by Farm Credit Canada to the farmer owners of Levinoff-Colbex, in order to finance part of their initial investment.
The US$50 million Slaughter Improvement Programme makes federal repayable contributions available to support sound business plans aimed at reducing costs, increasing revenues and improving operations of meat packing and processing operations in Canada.
