Officials of Revotek Inc. have completed acquiring the assets of A & R Meats Inc., a processed meat company that has been in operation since 1957.
A & R Meats has been operating under Chapter 11 bankruptcy since October 1990. The acquisition has been approved by the bankruptcy referee in U.S. District Court for Utah. The purchase price of the assets is about $1.1 million and will be made by the assumption of the amount of debt.Revotek has formed a new corporation, A & R Foods Inc., which will be a wholly owned subsidiary of Revotek. All of the court-approved assets and debts will be transferred into A & R Foods to continue operations.
Larry Hendricks, a University of Utah graduate with a master of business administration degree and a certified public accountant, will be the president and chief operating officer.
Jack Webb, who has 30 years experience as a businessman including 10 years in sales and marketing meat products, is the new vice president of sales and marketing.
Ken Howell, vice president and chief financial officer of Revotek, will be the vice president of finance and administration for A & R Foods, and Scott Hogan, Revotek president, will be chairman and chief executive officer of A & R Foods.
The 45 A & R Foods employees will be retained and an additional 15 people will be hired later this year. The meat plant has been operating below capacity so no new expansion is anticipated.