Losses mounting at Atlantic Beef Products

CANADA - Losses at Atlantic Beef Products, now in its third year of operation, have been higher than expected, and managers are hoping new markets in the U.S. can turn the P.E.I. company around.
calendar icon 10 January 2007
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The plant was expecting to run at a loss in the first years, and it won't say exactly how much it is in the red, but several sources say it is as much as $10 million.

"Currently most of the beef is sold in the greater Atlantic area. Some does get up into Toronto and Montreal," plant manager Lance Warmington told CBC News Monday.

"We've been approached by quite a large broker in the States to supply the Boston-New York area. That's definitely where we'd like to head. We have applied for a [United States Department of Agriculture] licence, which is currently before the [Canadian Food Inspection Agency] at the moment. We're going through that procedure. We're certainly hoping within a month to be able to export into the States."

Source: CBC News
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