Meat industry media reported thatPilgrim's Pride Corp ., Pittsburg, Texas, rejected a joint $40 million offer for the company's Farmerville, La., plant from competitorFoster Farms, Livingston, Calif., and State of the Louisiana. Pilgrim's Pride Ray Atkinson told Meatingplacethat (1) the offer was below expectations, (2) ongoing operation of the facility would not alleviate industry oversupply issues and (3) Pilgrim's Pride would have to consider shuttering another facility to account for over supply.
In separate news, theHouston Chroniclereported that local residents have offered to buy a Pilgrim's Pride operation in El Dorado, Ark., which is slated to close in May. However, Pilgrim's Pride appears cool to that idea, as well.
"To date, we have not received any meaningful offers on the El Dorado plant," Atkinson told theChronicle.
Pilgrim's Pride rejects Louisiana deal
March 12, 2009