Meat & Poultry Briefs: Tyson, Pilgrim's, Wayne Farms in the news
The Wall Street Journal recently profiled Pilgrim's Pride Corp. and said the Pittsburg, Texas-based poultry giant may soon need bankruptcy protection. Hammered by rising feed prices and other costs -- and still carrying a large debt load from its $1.1 billion Gold Kist Inc. acquisition -- Pilgrim's posted a third quarter loss of $53 million and expects to post another "significant loss" in the fourth quarter. WSJ said Pilgrim's is mulling the sale of various assets, including its Mexican operations. In an email, spokesman Gary Rhodes told WSJ that Pilgrim's Pride is not interested in a bankruptcy filing. . . . News media quoted Tyson Foods Inc. Chairman John Tyson as saying that his Springdale, Ark., company has about $1.5 billion in the bank and is on the look-out for domestic and overseas acquisitions. . . . Wayne Farms LLC, Oakwood, Ga., said it will close its College Park, Ga., operation by the end of the first quarter of 2009. President & CEO Elton Maddox cited "a variety of business factors" for the decision, including the "ability to maximize efficiencies by moving production to other Wayne Farms' facilities." Wayne Farms said 600 College Park employees will be offered posts at other comany plants, where possible.