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Government to bail out meat plant

Thu, 06 Oct 2011

A drastic rescue package has been put together for the Island's meat plant, after bosses warned it's facing insolvency within 6 months.

The Fatstock Marketing Association, which currently runs the facility, is to be wound up, and the plant transferred to a new company owned by the Treasury.

The existing workers will transfer to the new company.

It's hoped the meat plant will be able to transfer back into private ownership within three years.

The Department of Environment, Food and Agriculture is backing the plans, which will be funded from the Agricultural Development Fund.



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