|Foreclosed dairy farms in SE Michigan sold||| Print ||
|Written by Associated Press|
|Sunday, 01 September 2013 06:18|
HUDSON, Mich. (AP) — A sale of the former Vreba-Hoff dairies in southeastern Michigan has been finalized by the bank that foreclosed on the properties.
The Daily Telegram of Adrian reports (http://bit.ly/19WllyA ) that documents were signed Friday for Rabo AgriFinance to sell the dairies to Kaukauna, Wis.-based Milk Source LLC.
The purchase includes three dairy farms and 2,250 acres of farmland near Hudson. Milk Source co-owner Jim Ostrom says the total investment will be as much as $90 million and the company expects to employ 100 full-time workers.
Rabo AgriFinance filed a foreclosure complaint in federal court in 2010 and shut down the operations. Vreba-Hoff had blamed the dairy's financial failure on low milk prices and high feed costs.
The former owner also had repeated legal battles with state environmental regulators over mismanaging manure.
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