Glen Taylor: Timberwolves owner grows egg industry?

Eggs not just in shells anymore.

Glen Taylor is known for his success in the printing industry and his ownership of the Minnesota Timberwolves, but now he is a farmer? Glen Taylor has been in the business spot light for many years since the success of his printing company Taylor Corporation. Taylor is known to be a modest billionaire, and an intuitive business director, but now he also strives to be a successful farmer. He comes from a background of farming having grown up on a family farm. He has even admitted still enjoying getting in the fields and driving the farm tractors.

 

Taylor has been interested in revitalizing farm towns and small farms for many years. During his time as a state senator (1980-1990) he saw the importance of sustaining small town populations and revitalizing small agriculturally sustained cities. Seeing the importance of these small cities, Taylor turned to investment in farmland and creating partnerships with several family owned farms. Recently Taylor has invested in Rembrandt Enterprises, which he now hold around 90 percent ownership of. Rembrandt Enterprises is the third largest egg producer, and since Taylor’s investment the numbers have grown steadily, by around 30 percent. Taylor’s interest in the company grew from its strong but flexible business model, and its penetration in a market that has not seen the max of its potential growth.

 

 

Only two thirds of the eggs sold are in shells, the remaining third are sold as what is known as egg products. Rembrandt Enterprises capitalizes on the third of the egg market by offering egg product from its egg production facilities. This market consists of restaurants and food production industries. Through an automated process the eggs are not just collected but the shells are cracked and the liquids are sold as well as the shells to industries in need of egg products rather than shelled eggs. The growth of this industry has just begun with new techniques and technology being brought the market, this is just an early stage enterprise.

 

 

2008 revenues hit $125 million, during the commodities boom, but with the economic slowdown revenues are expected to be around $100 million. Though there is a slowdown Taylor and Rembrandt Enterprises will be expanding their production output and searching for opportunity. Recently Rembrandt acquired Golden Oval, Rembrandt’s competitor, for an estimated $123 million. This purchase allows Rembrandt to have a large distribution network, more farms, and the ability to expand in to the growing dry egg product market.