Pilgrim’s Pride Corporation announced that it has agreed to sell its chicken complex in Farmerville, La., to Foster Farms for $80 mln.
The transaction is subject to the parties entering into a purchase agreement, as well as the expiration or termination of the waiting period under the Hart-Scott Rodino Improvements Act and approval by the U.S. Bankruptcy Court.
The company expects the transaction would be completed within 30 days from signing the purchase agreement.
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 CEO. “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.”