Pilgrim’s rejects $60 million offer for plant‚ discussions ongoing

Company says offer 'would represent a significant financial loss'

Pilgrim's Pride has turned down the recent $60 million joint offer from Foster Farms and the state of Louisiana for its chicken processing plant near Farmerville, La. However, Pilgrim’s did give Louisiana Governor Bobby Jindal a price that it would consider, according to published reports.

Pilgrim’s said $60 million for the Farmerville complex "would represent a significant financial loss for the company," but the company said it gave Jindal the price the company would consider, subject to approval by the company's lenders, creditors and the bankruptcy court, said the reports. Pilgrim’s officials would not specify the exact amount.

Don Jackson, president and CEO of Pilgrim’s, said that the company had discussed several alternatives with the governor and his staff. "We remain open to further discussions with the governor and his staff," Jackson said in the statement, adding that the company would reopen the plant in its entirety if certain economic conditions occur.
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