Pilgrim’s Pride to invest $35 million in Arkansas for a new feed mill
by February 16, 2016 1:05 pm 277 views
Pilgrim’s Pride Corp. announced plans to spend $190 million expanding its chicken business which included a $35 million investment in Nashville, Ark., the company said Tuesday (Feb. 16).
The investment in Nashville includes plans to acquire property and build a new feed mill in hopes of lowering feed costs, enhancing feed conversion and improving live bird performance for its Pierce Chicken brand. The company did not disclose how many new jobs this will create in the Nashville area.
Other expansion projects include:
• $18 million investment in a case-ready plant, location not disclosed;
• $25 million investment in a prepared foods plant in Moorefield, W.V.; and
• $20 million upgrade at the Pilgrim’s Mayfield, Ky., poultry complex which will add about 150 new jobs at that facility.
Company executives did not highlight how all of the $190 million would be spent only that it will go toward accelerating sales, improving profitability and growing the overall business while also maximizing shareholder return.
“We are excited to have the opportunity to leverage our strong balance sheet to reinvest into our company,” said Fabio Sandri, chief financial officer of Pilgrim’s. “Our strategy remains to explore every opportunity at our disposal to grow our business and create shareholder value. This announcement reinforces Pilgrim’s commitment to operational excellence, sustainable growth and margin creation.”
Pilgrim’s operates chicken processing plants in 12 states, Puerto Rico and Mexico with distribution through retailers and foodservice customers. Greeley, Colo.-based JBS USA Holdings Inc. holds a 75.3% controlling interest in Pilgrim’s Pride Corp.