Pilgrim's Pride Corp., Pittsburg, Texas, said it signed a definitive agreement to sell its chicken complex in Farmerville, La., for $80 million to Foster Farms, a Livingston, Calif., competitor. Officials expect to close the deal within 30 days. The agreement also is subject to Foster Farms' receipt of $40 million from theState of Louisiana in order to fund a portion of the purchase price.
Louisiana lawmakers were moving quickly this week to pass a $400 million "mega-project" fund, designed to lure large-scale industrial projects the state. Senate Bill 283 includes $50 million for the Farmerville plant, including a $40 million payment to Foster Farms, as well as $10 million for Farmerville complex and plant improvements.
Pilgrim's Pride signs La. plant sale
May 8, 2009