Over the past several years, we have completed a number of sales as part of our continuing strategy to reduce exposure to commodity businesses and shed non-core assets, with a greater focus on efficiencies and return on invested capital. In January 2011 and April 2011, we completed the sale of certain hog production assets located in Oklahoma, Iowa, and Texas.
In June 2010, we announced that we had made an offer to purchase our joint venture partner’s 51 percent ownership interest in Butterball and our partner’s related turkey production assets. In accordance with Butterball’s operating agreement, our partner had to either accept the offer to sell or be required to purchase our 49 percent interest and our related turkey production assets. In September 2010, we were notified of our joint venture partner’s decision to purchase our 49 percent interest in Butterball and our related turkey production assets. In December 2010, we completed the sale of these assets.
Pork Group
In March 2011, we closed a small facility in Virginia that produced barbecued ribs, stews, and soups, laying off about 50 employees.
