USA: Pilgrim's Pride completes turkey unit restructuring
US poultry processor Pilgrim's Pride has announced the sale of its Hinton, Virginia commodity turkey production facility and associated feed mill in Broadway, Virginia to Virginia Poultry Growers Cooperative (VPGC).
The company said the sale is the final part of its previously announced turkey division restructuring. As announced last April, this restructuring is expected to have a positive impact on subsequent pre-tax earnings of approximately US$25-30m per year, reduce working capital employed in the turkey business by approximately $50m and decrease commodity sales in Pilgrim's Pride's turkey division by approximately $70m per year.
Pilgrim's Pride said last April that challenging turkey industry conditions prompted its move toward more cost-effective operations and a shift to value-added, higher margin turkey products. Since that time, the company has introduced a Signature turkey line, a premium line-up of butter-basted turkey products. These are produced at the company's facility in New Oxford, Pennsylvania.
The company said its turkey product mix is now two-thirds value-added and one-third branded fresh and frozen products, consistent with its broader strategies for both turkey and chicken.
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