Revotek Inc., 450 E. 1000 North, is trying to acquire A&R Meats of Salt Lake City. Revotek officials said an agreement in principle has been reached with controlling shareholders and management of A&R to purchase all of the assets.
The acquisition is subject to due diligence by Revotek, working out a definitive purchase agreement and approval by bankruptcy court because the meat company is operating under a Chapter 11 reorganization.Revotek has agreed to provide A&R Meats with up to $25,000 of working capital immediately through a loan approved by the court and secured by certain utility deposits.
It is anticipated the loan will ensure normal operations for the meat company during the documentation and approval period that will take up to 90 days.
A&R has been in the meat processing business since 1957 and its most popular products are hot dogs and precooked meats.
Revotek intends to operate the meat company as a wholly owned subsidiary and maintain the present plant at 3585 S. 500 West in Salt Lake City.