By LOU WILIN
NORTH BALTIMORE — Keystone Foods of North Baltimore was given a $165,000 tax credit by the state Monday to add 50 workers.
The State Tax Credit Authority stipulated that the jobs must be added by year-end 2020.
Keystone is a supplier of fresh and frozen poultry, beef, fish and pork. The positions would pay an average of about $40,000, according to information from the state.
Keystone currently employs 221.
The company would not take a phone call Monday seeking comment for this story.
The payroll tax credit is 1.153 percent over seven years. As part of the tax credit deal, Keystone must maintain operations at the North Baltimore site for at least 10 years.
Keystone Foods has nine other locations in the United States, seven in the Asia-Pacific region and one in Australia. It is headquartered in West Chester, Pennsylvania.
Its customers include quick-service restaurants, retailers and industrial food service companies. It supplies chicken nuggets to McDonald’s, for example, Just-Food Global News reported.
Keystone is a buyout target of multiple companies, Bloomberg has reported. Those interested reportedly include Tyson Foods, Cargill and Fosun International.
Keystone’s parent company, Marfrig Global Foods of Brazil, hopes to sell Keystone and use some of the proceeds to buy a majority stake in a U.S.-based national beef packing company, Just-Food Global News reported.
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