For sale: $80,000,000 chicken coop

Posted by Ellen Krafve - email

PITTSBURG, TX - Pilgrim's Pride is selling its chicken complex in Farmerville, Louisiana for $80 million. Foster Farms plans to be the proud owner of the complex provided the both companies enter a purchase agreement, the waiting period under the Hart-Scott Rodino Improvements Act expires or ends and they get approval from the U.S. Bankruptcy Court.

Once the purchase agreement is signed, the company expects the purchase to be completed within 30 days.

The Farmerville operations include a processing facility, cook plant, hatchery, feed mill, protein conversion plant and any associated inventory.

"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. "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."

Additional information about the restructuring is available at the Company's website or via the Company's restructuring information line at (888) 830-4659.