Clover Farms Dairy announced last week that the company plans to sell its assets to Cream-O-Land Dairy, a dairy company based in Florence, N.J.
In a press release, Clover Farms said an asset purchase agreement has been executed, in which a subsidiary of Cream-O-Land will acquire the assets and operations of Clover Farms.
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The sale has yet to be finalized, but the transaction is expected to close within two months, according to the release.
“The completion of the transaction will secure Clover Farms’ operation into the future as a strong regional dairy processor, which provides hundreds of jobs in eastern Pennsylvania and a stable market for its independent farmer network,” the release said.
Clover Farms — creator of Clover Farms milk, Icy Tea and other locally popular brands of refreshments — operates a plant in Muhlenberg Township: The largest independent milk processing plant in Pennsylvania, according to the company’s Facebook page.
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Clover Farms was founded in 1937 and is supplied by more than 170 local farms.
It delivers products to eastern Pennsylvania, New Jersey, New York, Delaware, and Maryland, according to the company’s Facebook page.
Clover Farms CFO Kevin Howard did not respond to questions on whether a closing date for the sale has set, or whether the sale will affect employees or suppliers.
Howard said the company currently employs 300.
State Sen. Judy Schwank (D-Berks), who represents Clover Farms’ district, said in a previous statement that her understanding is that Cream-O-Land is committed to maintaining the plant and working with the company’s independent suppliers.
In comments to MediaNews Group, Schwank said neither company has provided many details on the new partnership at this point.
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“It’s a local brand, it impacts our local producers,” Schwank said, “certainly we’re all waiting to hear more.”
Schwank said Pennsylvania needs the dairy processing industry.
“We want to be sure that we preserve what we have, plants like Clover Farms, in addition to seeking new processors for dairy products,” Schwank said.
She said a best-case scenario could see the acquisition resulting in new production lines.
“There is a great interest in lactose-free milk,” Schwank said, “That may be something that could be on the horizon. I think a lot of people who buy those products would love to have a local source.”
Clover Farms and Cream-O-Land will provide additional information once the sale is closed, the press release said.
Source: https://t-tees.com
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