Exhibit 99.1
-MORE-
Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
Cal-Maine Foods, INC. ANNOUNCES DEFINITIVE AGREEMENT TO
ACQUIRE EGG PRODUCTION ASSETS OF FASSIO EGG FARMS, INC.
RIDGELAND, Miss. (September 28, 2023)
- Cal-Maine Foods, Inc.
(NASDAQ: CALM) (“Cal-Maine Foods”
or
the
“Company”),
the
largest
producer
and
distributor
of
fresh
shell
eggs
in
the
United
States,
today
announced
a
definitive
agreement
to
acquire
substantially
all
the
assets
of
Fassio
Egg
Farms,
Inc.
(“Fassio”),
related
to
its
commercial
shell
egg
production
and
processing
business.
The
assets
to
be
acquired,
subject
to
the
completion
of
this
transaction,
include
commercial
shell
egg
production
and
processing
facilities
with
current
capacity
of
approximately
1.2
million
laying
hens,
primarily
cage-free,
feed mill, pullets,
fertilizer production
and composting
operation and
land located in
Erda, Utah,
outside
Salt Lake City.
The Company expects to
close the transaction in
the next few weeks,
subject to customary
Commenting on
the announcement,
Sherman Miller,
president and
chief executive
officer of
Cal-
Maine Foods,
Inc., stated,
“We are
excited about
the opportunity
to expand
our market
presence in
Utah
and the
western United
States with
the proposed
acquisition of
these assets
from Fassio.
The additional
production capacity, especially for cage-free eggs, will enhance our ability to serve
our valued customers in
this important market area.
Fassio has been a leader in the egg production business since 1915 and enjoys
a solid
reputation in
the community.
We look
forward to
working with
the Fassio
team as
we extend
our
market reach and deliver greater value to both our customers and shareholders.”
About Cal-Maine Foods
Cal-Maine Foods,
Inc. is
primarily engaged
in the
production, grading,
packaging, marketing
and
distribution
of
fresh
shell
eggs,
including
conventional,
cage-free,
organic,
brown,
free-range,
pasture-
raised and nutritionally
enhanced eggs. The
Company, which is
headquartered in
Ridgeland, Mississippi,
is the largest
producer and distributor
of fresh shell
eggs in the
United States and
sells the majority
of its
shell
eggs
in
states
across
the
southwestern,
southeastern,
mid-western
and
mid-Atlantic
regions
of
the
United States.
Forward Looking Statements
Statements
contained
in
this
press
release
that
are
not
historical
facts
are
forward-looking
statements as that
term is defined
in the Private
Securities Litigation
Reform Act of
1995. The forward-
looking
statements
are
based
on
management’s
current
intent,
belief,
expectations,
estimates
and
projections
regarding
our
company
and
our
industry.
These
statements
are
not
guarantees
of
future
performance and involve risks,
uncertainties, assumptions and
other factors that are
difficult to predict
and may be beyond
our control. The factors
that could cause actual
results to differ materially
from those
projected
in
the
forward-looking
statements
include,
among
others,
(i)
the
risk
factors
set
forth
in
the
Company’s SEC filings
(including its Annual
Reports on Form
10-K, Quarterly Reports
on Form 10-Q
and
Current
Reports
on Form
8-K),
(ii)
the
risks and
hazards
inherent
in
the
shell
egg
business
(including
disease, pests,
weather conditions
and potential
for recall),
including but
not limited
to the
most recent
outbreak of highly pathogenic
avian influenza affecting poultry
in the U.S., Canada
and other countries
that was first detected in commercial flocks in the U.S. in February 2022, (iii) changes in the demand for
and market prices of
shell eggs and feed
costs, (iv) our ability
to predict and meet
demand for cage-free
and other specialty eggs, (v) risks, changes or obligations that
could result from our future acquisition of
new
flocks
or
businesses
and
risks
or
changes
that
may
cause
conditions
to
completing
a
pending
acquisition not
to be
met, (vi)
risks relating
to increased
costs and
higher and
potentially further
increases
in inflation
and interest
rates, which
began in
response to
market conditions
caused in
part by
the COVID-
19 pandemic and which generally have been exacerbated by the Russia-Ukraine war that began in
