Pilgrim's Pride Rejects $40 Million Offer
By: Import User
Updated: March 11, 2009
(Associated Press) Pilgrim's Pride Corp. has rejected a $40 million offer to
buy its slated-for-closure processing plant in the north
Word was breaking as the state agriculture commissioner
released a statement saying a "firm offer" had been made by a California-based
poultry company.
A Pilgrim's Pride spokesman said chief executive Don Jackson
indicated any sale would have to be for far more than $40 million, of which the
state was willing to pitch in half.
About 1,300 employees are expected to lose their jobs in the
coming weeks.
In December, Pilgrim's Pride filed for reorganization under Chapter
11 of the U.S. Bankruptcy Code. It recently announced plans to idle three
plants, including in Farmerville, to help cut costs.
