Mar 23, 2009 12:17 PM

Pilgrim’s Pride Corporation has agreed to sell its chicken complex in Farmerville LA to Foster Farms for $80 million. The transaction is subject to the parties entering into a purchase agreement, as well as the expiration or termination of the waiting period under the Hart-Scott Rodino Improvements Act and approval by the U.S. Bankruptcy Court. The company expects the transaction would be completed within 30 days from signing the purchase agreement.

The Farmerville operations include a processing facility, cook plant, hatchery, feed mill, protein conversion plant, and any associated inventory.

Pilgrim’s Pride and certain subsidiaries filed voluntary Chapter 11 petitions December 1, 2008. The Chapter 11 cases are being jointly administered under case number 08-45664. Operations in Mexico and certain operations in the United States were not included in the filing and continue as usual outside of the Chapter 11 process.

Additional information about the restructuring is available at www.pilgrimspride.com or by phoning (888) 830-4659.