The former Oscar Mayer headquarters in Madison, Wisconsin, is expected to have new owners after having sat vacant for more than a year.
While Kraft Heinz has not confirmed that a buyer has been found, Reich Brothers Holdings told the Wisconsin State Journal that it would be purchasing the building. Reich Brothers buys shuttered buildings, and sells their assets. Adam Reich, the co-CEO of Reich Brothers, said the company is “looking to do something that’s going to attract jobs.”
Kraft Heinz, parent company to Oscar Mayer, announced in November 2015 its intent to mover its Oscar Mayer and U.S. Meats Business Unit headquarters from the Madison facility, to Chicago. At the same time, the company revealed plans to close seven plants and shift production at those facilities to other, existing North American facilities. Operations at the Madison headquarters ended in June 2016.
Kraft Heinz, a diversified global food company, is the eighth largest turkey company in the United States, according to the WATTAgNet Top Poultry Companies Database, having slaughtered 6.8 million turkeys in 2016.
The company decided to close the Oscar Mayer facility after Kraft Foods, which was the parent company of Oscar Mayer and its turkey operations, was acquired by and merged with H.J. Heinz Company. Under the terms of the agreement, Kraft shareholders were to own a 49 percent stake in the combined company, while Heinz shareholders would own 51 percent of a fully diluted basis.
Reich Brothers says it will buy shuttered Oscar Mayer property
Reich Brothers Holdings, a company that buys shuttered factories and sells their assets, says it has agreed to purchase the former Oscar Mayer headquarters and hopes to bring manufacturing back to the East Side site.
Reich Brothers, which buys shuttered plants, sells asses to acquire Madison Oscar Mayer HQ
MADISON - A company that buys shuttered plants and sells their assets has plans to acquire the former Oscar Mayer headquarters in Madison. Reich Brothers Holdings expects to close on the deal at the end of October. CEO Adam Reich tells the Wisconsin State Journal the company hopes to bring manufacturing back to the plant which was home to Oscar Mayer since 1919 and once employed 4,000.