Today’s (16 September) announcement that Pilgrim’s Pride is set to sell a majority stake in the company to Brazilian meat behemoth JBS seems to mark the final step in a tumultuous three years for the US poultry giant. just-food looks at the key moments in the chicken processor’s recent history.
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US: Pilgrim’s agrees Gold Kist merger
Chicken producer Pilgrim’s Pride Corp. has entered into a definitive merger agreement to acquire the outstanding shares of rival poultry firm Gold Kist’s common stock for US$1.1bn.
US: Pilgrim’s Pride completes Gold Kist acquisition
Pilgrim’s Pride has successfully completed its US$1.1bn takeover of rival Gold Kist, becoming the world’s largest chicken processor.
US: Pilgrim’s Pride losses deepen after Gold Kist buy
Pilgrim’s Pride, the world’s largest poultry producer, said today (1 May) that its second-quarter losses deepened as a consequence of increasing feed prices and charges related to its acquisition of Gold Kist.
US: Pilgrim’s Pride reports record full-year sales
Pilgrim’s Pride Corp. has reported a strong turnaround for its full year as rising prices and an improved product mix drove sales to record levels.
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By GlobalDataUS: Pilgrim’s Pride CEO dies after stroke
O.B. Goolsby Jr., the president and CEO of US poultry giant of Pilgrim’s Pride Corp., has died, the company announced last night (17 December).
US: Pilgrim’s Pride wields axe amid poultry “crisis”
Pilgrim’s Pride Corp. has pointed to a “crisis” facing the US poultry industry after deciding to close a chicken processing complex and six of its 13 distribution centres in the US.
In The Spotlight – Clint Rivers, Pilgrim’s Pride
It has been a demanding first few days for Clint Rivers at the helm of US poultry giant Pilgrim’s Pride. Against a backdrop of soaring grain costs, the company has sold off its turkey business and streamlined its chicken operations. And, as Dean Best writes, more tough decisions lay ahead.
Crunching the numbers: the meat sector
The effects of the economic downturn on consumer spending are becoming more apparent by the day. And, as the crisis on Wall Street and stock markets round the world gathers pace, our industry is faced by a set of economic pressures unprecedented in recent times. In a new series, just-food will review the fast changing financial landscape and ask what now for the food industry? This week Dean Best turns his eye on the meat sector.
US: Banks demand restructuring chief at Pilgrim’s
Lenders to Pilgrim’s Pride Corp. have ordered the ailing US poultry group to appoint a chief restructuring officer as part of their agreement to give the company more time to sort out its financial problems.
US: Pilgrim’s Pride appoints restructuring boss
Struggling US poultry group Pilgrim’s Pride today (11 November) appointed William Snyder to the position of chief restructuring officer.
US: Pilgrim’s Pride files for Chapter 11
US chicken producer Pilgrim’s Pride has voluntarily filed for Chapter 11 bankruptcy protection to address “short-term operational and liquidity challenges”.
US: Pilgrim’s Pride CEO, COO resign
The CEO and COO of ailing US poultry giant Pilgrim’s Pride have resigned just days after the company entered Chapter 11.
US: Pilgrim’s Pride sees losses widen
Ailing US poultry group Pilgrim’s Pride has seen its first-quarter losses widen on the back of falling sales.
US: Court approves hiring of Pilgrim’s Pride ex-execs
The US bankruptcy court has approved an agreement that will see failed chicken group Pilgrim’s Pride hire its former CEO and COO as consultants.
US: Foster Farms seals Pilgrim’s Pride plant buy
Foster Farms has entered into a definitive deal with Pilgrim’s Pride to acquire the US poultry group’s Louisiana chicken complex for US$80m.
US/BRAZIL: JBS, Pilgrim’s Pride talk makes sense – analyst
Ailing US poultry processor Pilgrim’s Pride would be an “attractive” takeover target for Brazil-based meat giant JBS, an analyst has told just-food, as speculation mounts over a possible bid.
UPDATE: BRAZIL: JBS eyeing acquisitions; mum on Pilgrim’s Pride
Brazil-based meat giant JBS has confirmed to just-food that it is “actively” looking to build the business through acquisitions in key markets including the US – but the company refused to be drawn on rumours linking it to ailing poultry processor Pilgrim’s Pride.
US: JBS to take majority stake in Pilgrim’s Pride
Brazil-based meat giant JBS will acquire a majority stake in bankrupt US poultry processor Pilgrim’s Pride in a deal with an enterprise value of US$2.8bn.
