NORTH
PLAINS, Ore., April 25,
2023 /PRNewswire/ -- Jewett-Cameron Trading Company
Ltd. (NASDAQ: JCTCF) has made the difficult decision to close its
wholly-owned subsidiary Jewett-Cameron Seed Company ("JCSC")
effective August 31, 2023.
JCSC processes, distributes and stores agricultural seed and is
the smallest of the Company's trading subsidiaries. It reported
sales of $2,359,794 and a net loss of
($517,453) in fiscal 2022.
The seed cleaning operation originally opened in 1965 and was
acquired by the Company in 2000 after the bankruptcy of the prior
owner. We are proud to have served the local grower community for
the last 23 years.
The Company conducted a detailed strategic review of JCSC and
its future prospects before deciding to close the operation. As the
Portland metro continues to grow
and agricultural operations are displaced, JCSC is receiving lower
quantities and quality of seed for processing and experiencing less
demand for its marketing and sales services. Revenues have been
flat while operating costs have continued to rise. JCSC's
facilities and equipment are at the end of their useful lives and
maintenance costs have soared. Continuing to operate would require
their replacement, and the amount of capital required is not
justified by the expected return on investment.
Operations at JCSC are being wound-down effective immediately.
All seed currently within the facility will be processed, but no
additional seed will be accepted. Operations are expected to be
finished, and the facility closed, by the end of calendar 2023.
JCSC owns 11.7 acres of land and 105,000 square feet of buildings
in Hillsboro, Oregon. The ultimate
disposition of these assets has not been determined and will be
evaluated by the Board in due course.
The closure of JCSC will not affect any of the other operations
of Jewett-Cameron which are located on and operated from a separate
property in North Plains.
Jewett-Cameron Trading Company is a holding company that,
through its subsidiaries, operates out of facilities located in
North Plains, Oregon.
Jewett-Cameron Company's business consists of the manufacturing and
distribution of patented and patent pending specialty metal and pet
products, wholesale distribution of wood products, and seed
processing and sales. The Company's brands include Lucky Dog®, for
pet products; Adjust-A-Gate™, Fit-Right®, Perimeter Patrol®,
Infinity Euro Fence, and Lifetime Post™ for gates and fencing; and
Early Start, Spring Gardner™, Greenline®, and Weatherguard for
greenhouses. Additional information about the Company and its
products can be found the Company's website at
www.jewettcameron.com.
Contact: Chad Summers, President
& CEO, (503) 647-0110
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SOURCE Jewett-Cameron Trading Company Ltd.