AUGUSTA, Maine (AP) — The parent company of Maine-based Barber Foods is preparing to take the company public, a move that could affect its Portland plant.
The Portland Press Herald reports Ohio-based AdvancePierre filed Monday with the U.S. Securities and Exchange Commission and intends to pursue an initial public offering of shares of its common stock.
The Cincinnati company says the IPO is intended to position itself for growth. It's not clear how much the company is hoping to raise.
The move could affect Barber Food's St. John Street plant, which has 300 employees. AdvancePierre is expanding, but it also expects to reduce overhead costs among its 10 production plants and three distribution centers.
The plant makes stuffed chicken entrees, and the Barber Foods products are the company's biggest-selling retail line.