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ADM to Buy Pet Treat Company

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The deal is “the next step” for ADM.

Archer Daniels Midland Co. (NYSE: ADM) announced that it is acquiring Crosswind Industries Inc., a Kansas-based producer of dry-expanded, dual-texture, semi-dry and semi-moist treat products for pets.

Financial terms of the deal were not disclosed. ADM anticipates closing the transaction in the coming weeks.

“The global pet food industry represents a strong opportunity for strategic growth, especially for a company with the global resources of ADM,” said Brent Fenton, president of ADM’s Animal Nutrition business. “ADM already sells more than 50 ingredients and commodities that are used by more than 70 percent of all pet food companies in North America. Now, we’re taking the next step with the addition of Crosswind Industries to our global network.”

Fenton continued: “With five production facilities and a wide range of successful products, Crosswind represents a strong opportunity to expand our capabilities, and a great fit not just with the Animal Nutrition business, but across ADM’s wider portfolio of ingredients, colors and flavors for pets.”

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Crosswind Industries is described in a press release as a leader in the manufacture of contract and private label pet treats and foods, as well as specialty ingredients. Its 300 employees operate five processing lines across five Kansas facilities, with nine “ready for retail” packaging lines.

“Since early 2015, we have announced or completed several organic growth and improvement projects for our Animal Nutrition business across the U.S., as well as overseas,” Fenton said. “We’ve also been active on the M&A front, with the acquisition of Lyrco Nutrition and the creation of our Alliance Liquid Feeds joint venture. Now, with the addition of Crosswinds, we are continuing our efforts to grow our business so as to set the industry standard and ensure that we are continuing to meet growing customer needs for quality animal nutrition products.”

ADM is one of the world’s largest agricultural processors and food ingredient providers, with more than 32,300 employees serving customers in more than 160 countries.

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State Bill Would Ban Pet Leasing

A few other states already have similar laws.

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A proposed law in Connecticut would ban the practice of pet leasing.

The legislation seeks to outlaw leases in which the new pet owners accept high interest rates and believe they are agreeing to a payment plan, the Connecticut Post reports.

Such agreements open the possibility of the pet being repossessed at a later date, according to the publication.

The state Senate approved the ban last week. The proposed legislation will now be considered in the state House.

Bob Duff, a Democrat serving as Senate majority leader, said: “As a pet owner myself, I could never imagine leasing a pet and then after six or nine months or whatever it is, giving it back. They might actually think they own the pet instead of leasing the pet.”

According to the Post, pet leasing has already been banned in Nevada, California and New York.

The Connecticut proposal would still allow for certain types of pet leases, including “those for breeding purebred dogs, renting show animals or obtaining guide or law enforcement dogs,” according to the Post.

Find out more at the Connecticut Post 

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Chewy to Open $55M Facility, Creating 1,200 Jobs

It’s planning a fulfillment center.

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Chewy, an online pet supply retailer, has selected Rowan County, NC, for its new fulfillment center, with plans to create 1,200 new jobs and invest $55 million.

“Chewy selected North Carolina because from our infrastructure to our workforce, we have everything businesses need to succeed,” said Gov. Roy Cooper. “These new jobs will make a positive impact on Rowan County and the surrounding area.”

The e-commerce company will locate in Salisbury, NC.

Chewy is dually headquartered in Dania Beach, FL, and Boston, MA. It has customer service centers in Dallas, TX, and Hollywood, FL, and eight fulfillment centers around the country.

“We’re excited to expand Chewy’s fulfillment operations to North Carolina, our first in the state and ninth in the country,” said Pete Krilles, vice president, corporate real estate and facilities, for Chewy. “We greatly appreciate the partnership with the City of Salisbury, Rowan County, the Salisbury-Rowan Economic Development Commission, North Carolina Department of Commerce, and the Economic Development Partnership of North Carolina.

“We look forward to making a positive economic contribution to the region with the creation of 1,200 new jobs. In addition to job creation, our new fulfillment center will enhance our delivery network across the southeastern United States, allowing us to better service Chewy customers with even faster delivery times.”

“Companies like Chewy will find success in North Carolina because we have a strong workforce and desirable business climate,” said Secretary of Commerce Anthony M. Copeland. “Pair that with our location and quality of life and you’ve got a winning formula.”

The North Carolina Department of Commerce and the Economic Development Partnership of NC were instrumental in supporting the company’s expansion decision.

A performance-based grant of $166,650 from the One North Carolina Fund will support the creation of 150 of the new jobs, facilitating Chewy’s establishment of the facility in North Carolina. The One NC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments and any award is contingent upon that condition being met.

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Pet Store Chain Files for Bankruptcy

Its owner died in January.

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Petland Discounts, a chain that operated in New York, Connecticut and New Jersey, has filed for Chapter 7 bankruptcy.

The action follows the January death of the company’s owner, Neil Padron.

The company has closed its stores.

Notices with each of the three states’ labor departments indicated that more than 300 jobs could be lost across 70 store locations.

The bankruptcy petition was filed in New York Eastern Bankruptcy Court.

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Padron started the business in 1965. He died of bladder cancer on Jan. 14.

Details of the bankruptcy case are available here.

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