HOUSTON, TEXAS

King Ranch, Inc. announced today that it has acquired substantially all of the assets of Young Pecan Shelling Company.  Young Pecan, headquartered in Florence, South Carolina, owns and operates one of the largest pecan shelling facilities in the U.S.  With their processing facility located in Las Cruces, New Mexico, and distribution facilities located in Florence, South Carolina, Young sells processed pecans to a variety of major food processing companies as well as large wholesalers, club stores and grocery retailers.

Jack Hunt, President and CEO of King Ranch stated, “This acquisition represents a major investment in the pecan industry for our company.  We are pleased to be able to acquire the premier pecan shelling company in America.”

James Swink, President and CEO of Young Pecan, will remain in the same role following the acquisition.  He stated, “This transaction is a very positive event for our growers, our customers, and our employees.  With King Ranch, we have the opportunity to join a very large agribusiness enterprise that has a history of success and innovation dating back over 150 years.  I, along with the Young Pecan Management Team, am excited about refining and expanding our operations and marketing to increase consumption of pecans around the world.” 

Young Pecan was founded by T.B. Young, Sr., in the early 1920’s in Florence, South Carolina, as a shipper of inshell pecans.  In 1945, after returning from WWII as a highly decorated Rifle Company Commander in General Patton’s Third U.S. Army, his son, J. Givens Young, took over pecan operations when the installation of commercial crackers marked the company’s entry into the pecan shelling industry.  The company grew steadily into one of the largest processors of pecans in the world.  Over the years, Young has been an innovative leader in the Pecan Industry being the first to utilize on-site cold storage to better preserve the crop, the first to install the Quantz rotary pecan cracker, the first to utilize laser technology for shell removal and the only pecan company to utilize microwave technology for bacteria control.  Young Pecan currently employs approximately 130 full time workers.

Givens Young, a pioneer in the pecan industry, said he was very pleased to see the business his father started, continue to grow and prosper as part of King Ranch.  Mr. Young will continue to serve the company in a consulting role.

One of the first initiatives following the acquisition is a significant expansion of the Las Cruces facility to include additional state-of-the-art sorting equipment and a building expansion to provide for additional processing and cold storage capacity.

King Ranch, Inc. is a private, diversified agribusiness company headquartered in Texas, and owner of the historic 825,000 acre King Ranch.  Its operations include cattle, quarter horses, wildlife, citrus, sugar, sod, cotton, and various retail operations.  Most of its land holdings are in Texas and Florida.  King Ranch also holds the majority ownership interest in Consolidated Citrus Limited Partnership, the largest citrus producer in the U.S.

Contacts:       Jack Hunt (832) 681-5765

                        James Swink (843) 664-2330