Foster Farms has said that a deal to acquire Pilgrim’s Pride’s Farnerville, Louisiana, facility is “near completion”.
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Pilgrim’s Pride filed for Chapter 11 bankruptcy protection in December in order to address “short-term operational and liquidity challenges”. Since then, the company has idled four of its 32 US chicken processing plants.
In a deal understood to be valued at around US$80m, Foster Farms will takeover production at Farnerville.
A spokesperson for the company told just-food that it expects to return the plant to full – double shift – production “in time”.
“We anticipate expanding our operations in the state [of Louisiana] and upgrading and adding capabilities at the plant,” the spokesperson said.
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By GlobalData
