Caviness Beef has decided against a buyout of San Angelo Packing, according to the San Angelo Times.
San Angelo Packing, a cattle slaughter and meat processing company, closed in March after severe drought conditions led to declining supplies of cattle. Caviness Beef, a processor with facilities in Hereford and Amarillo, Texas, signed a letter of intent to acquire the packer. But the company decided against the deal after conducting due diligence.
Trevor Caviness, president, told the San Angelo Times that part of the due diligence was to run the company. But after five weeks, Caviness officials concluded that San Angelo Packing wasn't a good fit and stopped operations on May 30.
Approximately 200 workers lost their jobs.
