Nesco turns private
Proponents of a multi-species slaughter plant at Melfort, Sask., will try to finance the facility through private equity after attempts to publicly raise capital fell short.
Nesco Meats had set a June 30 deadline to raise the $4.5 million minimum it needed to proceed with a federally inspected plant that can annually slaughter 80,000 head.
Chief executive officer Lorne Thomson said the company didn’t reach its target because investment levels were too low. The $2,500 minimum was set to appeal to local residents and producers but that meant too many investors were required.
Three different groups from outside Saskatchewan are interested in investing, he said, along with the original 35 local shareholders, most of whom are producers.
The plant was supposed to open in spring of 2008 but will be delayed.
