by Christina Sarich, Natural Society:
What’s the best way to squash your competition? Buy them out. Applegate Farms, LLC really has no good reason to sell out to a GMO-supporting mega-corporation. They’ve been worth millions for years, and have gained success in the organic food industry like few others. But money talks, and the organic meat seller is in negotiations with industrial food giant Hormel Foods Corp. to become part of its conglomerate.
The sell-out is being described by Reuters, and is reportedly worth between $600 million and $1 billion, but both parties declined to comment since the matter is confidential.
Hormel swallowing up Applegate Farms isn’t the only pro-GMO company using cut-throat tactics and big money to get rid of competition. The sale of Applegate Farms comes amid a slew of merger activity for meat companies.
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