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Prime Tanning to Sell Wet Blue Assets to National Beef

February 27, 2009

BERWICK, Maine, Feb. 27 /PRNewswire/ — Prime Tanning Co., Inc. (“Prime”)
announced today that its subsidiary Prime Tanning Corp. had entered into an
agreement with an affiliate of National Beef Packing Company, LLC to sell
certain assets related to its wet blue tanning facility in St. Joseph, MO.
Terms of the proposed transaction were not disclosed. The sale transaction is
part of the corporate reorganization undertaken by Prime since its merger with
Cudahy Tanning and Irving Tanning in November 2007.

Prime’s Chairman Mark Kehaya commented: “This is an important step in the
ongoing restructuring process at Prime, and will benefit stakeholders by
reducing debt, enhancing liquidity, and streamlining the organization.
Additionally, the sale will enable Prime to focus all its resources on its
core mission of providing superior finished leather and customer service to
its global customers.”

About Prime Tanning

Prime Tanning Company, Inc. operates the largest vertically integrated wet
blue and side-leather finishing tanneries in North America, with annual
capacities of 125 million feet and 30 million feet, respectively. Prime also
maintains operations in Vietnam through a joint venture agreement with a local
tannery. Prime’s manufacturing facilities are BLC Silver Medal certified, and
produce side-leather for the largest and best known leather brands in the
world, with products that serve high quality footwear, handbag, upholstery,
and specialty markets worldwide, as well as the U.S. Military. Prime employs
approximately 325 people at its facilities in Hartland ME, Berwick ME, and St.
Joseph, MO.

Prime’s Web site is http://www.primetanning.com.

SOURCE Prime Tanning Co., Inc.


Source: newswire



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