Minneapolis' Michael Foods to Invest $11.5 Million in Luxembourg Facility.MINNEAPOLIS--(BUSINESS WIRE)--Jan. 19, 1999--Michael Foods, Inc. (Nasdaq: MIKL), headquartered in Minneapolis and one of America's leading food professors and distributors, announced today that it has acquired a 50 percent interest in The Lipid Co. S co. abbr. 1. company 2. county Co. 1 or co. 1. Company 2. and co. .A. (TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. ) Luxembourg. The Lipid Company is a joint venture between Michael Foods and a Belgium-based egg product manufacturer, Belovo S.A. TLC will construct a facility in Wiltz, 40 miles north of Luxembourg City, dedicated to the extraction of phospholipids from egg yolks. Phospholipids are used mainly as an ingredient in the production of infant formulas and seniors' dietary supplements. The state-of-the-art facility is expected to become operational in early 2000. The $11.5 million investment will initially generate some 20 new jobs. "We welcome this new investment by Michael Foods, which underscores Luxembourg's strong relationships with leading U.S. companies," said Robert Goebbels Robert Goebbels (born 3 April 1944) is a politician in Luxembourg, and a Member of the European Parliament for the Luxembourg Socialist Workers' Party, part of the Party of European Socialists.[1][2] References 1. ^ [1] 2. , Minister of the Economy. "In the past decade, Luxembourg has become a prime location for U.S. companies as they enter or expand in the European market. Due to our modern infrastructure and a highly skilled labor force at a competitive cost, Luxembourg offers great value for foreign corporations aiming at long term growth. We are proud to have Michael Foods as a new corporate citizen in Luxembourg." Gregg Ostander, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Michael Foods, said "We were impressed by Luxembourg's support and business-like approach to accommodating new investments. We expect to take full advantage of Luxembourg's strategic location in the heartland of the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community ." Michael Foods, Inc. is a diversified food processor and distributor with businesses in egg products, refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. grocery products, specialty dairy products dairy products dairy npl → produits laitier dairy products dairy npl → Milchprodukte pl, Molkereiprodukte pl , and refrigerated potato products. In 1998, the company's sales are projected to have exceeded $1 billion. For more information about this announcement or locating in Luxembourg, please contact the Luxembourg Board of Economic Development at 415/778-0816 or luxcgsf@aol.com |
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