Pilgrim's Pride may sell chicken complex to Foster Farms
March 20, 2009
by FoodBusinessNews.net Staff
FARMERVILLE, LA. – Pilgrim’s Pride Corp. may enter a purchase agreement to sell its Farmerville poultry complex to Foster Farms, Livingston, Calif., for $80 million. If a transaction is entered into it is also subject to a waiting period under the Hart-Scott Rodino Improvements Act and approval by the U.S. Bankruptcy Court. Pilgrim’s Pride is reorganizing under Chapter 11 bankruptcy protection.
The Farmerville operations include a processing facility, cook plant, hatchery, feed mill and protein conversion plant.
"Consistent with what we have said from the beginning, we would consider selling the complex if we received a meaningful offer reflective of the value for these assets," said Don Jackson, president and chief executive officer of Pilgrim’s Pride. "We believe this sale at this price is in the best interests of all parties involved, including our employees, growers, the Farmerville community, and our creditors."