Delta Peanut LLC of Jonesboro continues to see growth as more farmers are raising peanuts.
It recently raised $1.3 million by selling units of ownership in the farmer-owned cooperative, according to a filing last month with the U.S. Securities & Exchange Commission.
Delta Peanut raised $70 million in 2019 for the construction of a shelling facility on 71-acres, the first in Arkansas. It also has a facility in Marianna.
Tommy Jumper, CEO of Delta Peanut, told Arkansas Business that part of the $1.3 million raised will be used for the construction of a facility at Kennett, Missouri, which held its official groundbreaking on Thursday. It will be built in phases, and the initial phase is scheduled to be completed in September. Jumper said he didn’t have a cost estimate for the total project because of the volatility of construction prices.
Jumper said Delta Peanut has more than 75 members and 90 employees. The company will have around 130 employees when the Kennett facility is completed.
“We’re shelling peanuts 24 hours a day and sales are good,” Jumper said.
Formed in 2018, Delta Peanut has recently added members. And the LLC’s existing members increased their ownership in the company, meaning they’re increasing their production, Jumper said. “That’s a tremendous, really positive sign because they did that in the face of really healthy commodity prices this year,” he said.
Sign up for Daily E-news
