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The $49 million sale of NORPAC Foods’ Salem, Brooks and Stayton processing facilities in Oregon to cold storage giant Lineage Logistics was approved by U.S. Bankruptcy Court Judge Peter McKittrick on Jan. 14, contingent on agreements being reached concerning previous union contracts.
The sale marks the end of the nearly 100-year-old Willamette Valley agricultural processor.
Most of the intangible assets of NORPAC, including its intellectual property, trade names, inventory, contracts and trademarks, were sold as part of a $107 million sale of NORPAC’s Quincy, Wash., processing plant to Oregon Potato Co. in December.
In Episode 23 of RoadSigns, we look ahead to trucking's future by looking back. Hear a snippet from host Seth Clevenger, above, and get the full program by going to RoadSigns.TTNews.com.
The agreement brings the sale of NORPAC’s assets to $156 million.
Lineage has leased the Salem, Brooks and Stayton processing plants since it filed for bankruptcy to purchase the properties and is leasing the Salem location to Oregon Potato.
“It is possible if this sale is concluded, and apparently there is a reasonable chance, there is a chance Brooks is reopened,” NORPAC attorney Al Kennedy said.
In the short term, however, the Stayton facility, the companies’ original site when it started as Stayton Canning Co. in 1924, will remain closed.
Lineage Logistics ranks No. 18 on the Transport Topics Top 50 list of the largest logistics companies in North America.
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