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Cal-Maine Foods Acquires Assets of ISE America Inc.

07/02/2024

In a June 28th release, Cal-Maine Foods Inc. announced the acquisition of the assets of ISE America Inc. for a purchase consideration of $110 million.  ISE operates four complexes in Maryland, New Jersey, Delaware and South Carolina.  The acquisition will increase Cal-Maine holdings by close to five million laying  hens of which 1.0 million are housed cage-free.  The purchase includes 4,000 acres of land, rearing capacity of 1.2 million pullets, egg packing plants and an egg breaking facility.  ISE has developed an extensive distribution network in the Mid-Atlantic states.

 

In commenting on the purchase, Sherman Miller president and CEO stated, “We are excited about the opportunity to significantly enhance our market reach in the northeast and mid-Atlantic states with the acquisition of these assets from ISE.”  Sherman added, “ISE has a long history in the egg production business and enjoys a solid reputation in the marketplace.  We will continue to honor this important legacy as we build new connections and customer relationships.”



ISE America Inc. was a subsidiary of ISE Foods the holding company established in 1912 in Japan where it is regarded as the largest producer in the Nation with 13 million hens, mostly in cages. ISE has initiated operations in India (2016) and Singapore (2024).  In 2022 the Company was faced with financial challenges and filed for reorganization. It is presumed that the proceeds of the sale of ISE America Inc. will be used to strengthen the balance sheet, given the capital expenditure on the operation in Singapore that has yet to achieve full production capacity.