South Korean food company Harim Corp. has won a 43% stake in Delaware poultry company Allen Family Foods after Mountaire Farms discontinued its earlier efforts to purchase the bankrupt company.
Harim gained approval from a U.S. bankruptcy court on July 27 to purchase Allen, and expects its total costs to be roughly $120 million to take over the firm's plants and farms. According to Allen officials, Harim intends to keep the facilities open. The deal is expected to close in mid-August.
