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Marketing Research of West Liberty Foods

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Marketing Research of West Liberty Foods
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Netra Shetty
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Marketing Research of West Liberty Foods - April 9th, 2011

West Liberty Foods, L.L.C. is a US meat processing company owned by the Iowa Turkey Growers Cooperative and formed in 1996[1] by a group of Iowa turkey growers,[2] and now owns four meat processing plants.[3] The company mainly produces products for customers to sell under their own brand names.[2] As of 2006, West liberty Foods was the 12th largest turkey company in the United States.[4]
Each plant, located in the three Iowa towns of West Liberty, Mount Pleasant, and Sigourney as well as Tremonton, Utah, focuses on specific aspects of the meat packing process. The West Liberty plant participates in the entire process by slaughtering animals, further processing meats into products, and packaging finished products, and the Sigourney plant focuses on the further processing step only, and the Mount Pleasant plant only packages finished product.
The construction machinery industry is dependent on demand from international customers, with over one-quarter of sales in the 1990’s consisting of shipments to foreign countries. The industry has done very well since 2000 with the global economic expansion and high construction rates in many countries especially in China. Overall revenues for construction machinery mid decade totaled almost $35 billion annually. China alone has seen its purchasing of construction machinery growing at an annual rate of over 20% during this decade. Japan historically had been and continued to be the top supplier of construction machinery to the United States, with a 22 percent share of all imports in the industry in the late 1990s.

Revenue in the construction machinery industry is always heavily affected by federal, state, and local government spending. State and local government spending has also risen in response to the passage in 1998 of the Transportation Equity Act for the 21st Century (TEA-21). That legislation, which was enacted in June 1998, provides for $218 billion in expenditures for highway and other transit systems through 2003, with $175 billion earmarked for highway repair and expansion. This increase of 40 percent over previous spending levels has fueled and will continue to fuel domestic demand for construction equipment, offsetting, at least in part, the reduction in demand caused by international factors.

The numbers below do not tell the whole picture of the construction machinery industry. The numer of establishments decreased in the period leading up to 2002 but the recent boom in commodities prices as well as the general global economic expansion increased the demand for construction machinery since that time. At the same time, the American residential construction market took off and reached a peak in ther period 2005-2006, but has since slowed considerably.

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Employment is a similar picture. Although the workforce decreased in the latest five year period reported, the recent economic expansion likely increased the workforce since 2002.

This a moderate to high concentration industry. The eight largest players alone in this business account for almost 2/3rds of the industry's revenues.

Concentration of Revenue by number of firms in the industry is as follows:

Total Number of firms Revenue as % of all firms in the industry

4 largest 57.6%
8 largest 64.7%
20 largest 73.2%
50 largest 81.5%

Market Metrics
As indicated above, the revenues of the industry shot up in the past couple years as a result of the global economic expansion as well as the large increase in new residential construction in the U.S. It has almost doubled since 2002.

Industry Players
These are major players in this market, but it is not an exhaustive list of all key firms.

Revenues, Net Income and Market Capitalization are expressed in US$ Millions.

Recent Trends and Developments
The continued preference of many customers to rent rather than purchase equipment continues to shape the distribution channels in this industry. The expansion of renting will continue not only in the United States, where the trend toward consolidation has led to an increase in the size and a reduction in the number of players in the rental market, but also in Europe and Canada as end users demand flexibility, cost reduction, and the latest technology, particularly in specialized equipment.

The outlook for the construction machinery industry indicates that the rapid expansion will not continue as the global economy cools off and the U.S. housing market continues to contract. Despite relatively low interest rates, construction on new housing may not pick up appreciably until 2009. Continuing prosperity for the industry will largely depend on more exports to overseas markets such as China and other emerging markets.

Last edited by netrashetty; April 9th, 2011 at 03:44 PM..
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