Pilgrim's Pride, the US-based poultry producer, has announced that following an outbreak of flu that decimated its stocks and subsequent disappointing financial results, it is to consolidate a number of its processing operations.
The Company consolidate production volumes from its Harrisonburg, Virginia, turkey processing plant into the company's turkey processing plant in Hinton, Virginia over the next several months. Pilgrim's Pride officials stated that the plant closing will not have a material financial impact on the Company's financial results as it was contemplated in the purchase accounting amounts previously recorded by the Company.
"This plant consolidation is being made in order to improve operating efficiencies and reduce costs in the Company's turkey operations and was part of the synergies identified by the Company when making the acquisition of these operations a year and a half ago," stated David Van Hoose, the Company's Chief Executive Officer, President and Chief Operating Officer.
A conference call to discuss the Company's third quarter of fiscal 2002 financial results will be held at 10:00 a.m. CDT (11:00 a.m. EDT) on July 17, 2002. The call will also be webcast live on the company website and will be available for replay within two hours of release.
Pilgrim's Pride Corporation is the second largest poultry producer in the United States; the third largest in chicken and fifth largest in turkey, and second largest chicken company in Mexico. The company employs more than 24,500 people and operates processing and further processing plants, distribution centres, hatcheries and feed mills in Texas, Arkansas, Arizona, North Carolina, Pennsylvania, Virginia, West Virginia and Mexico.