Pilgrim’s Pride Announces Closure of GNP Company Acquisition
January 06 2017 - 4:30PM
Pilgrim's Pride Corporation (Nasdaq:PPC) (“Pilgrim’s”) previously
announced on November 29, 2016 its agreement to acquire GNP
Company, a leading provider of premium branded chicken products in
the Upper Midwest, in an all cash, $350 million
transaction. The transaction, as described in the
announcement, was completed on January 6, 2017.
About Pilgrim’s PridePilgrim’s employs
approximately 38,200 people and operates chicken processing plants
and prepared-foods facilities in 12 states, Puerto Rico and Mexico.
The Company’s primary distribution is through retailers and
foodservice distributors. For more information, please visit
www.pilgrims.com.
Forward-Looking StatementsStatements contained
in this press release that state the intentions, plans, hopes,
beliefs, anticipations, expectations or predictions of the future
of Pilgrim’s Pride Corporation and its management are considered
forward-looking statements. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. Factors that could cause actual results
to differ materially from those projected in such forward-looking
statements include: matters affecting the poultry industry
generally; the ability to execute the Company’s business plan to
achieve desired cost savings and profitability; future pricing for
feed ingredients and the Company’s products; outbreaks of avian
influenza or other diseases, either in Pilgrim’s Pride’s flocks or
elsewhere, affecting its ability to conduct its operations and/or
demand for its poultry products; contamination of Pilgrim’s Pride’s
products, which has previously and can in the future lead to
product liability claims and product recalls; exposure to risks
related to product liability, product recalls, property damage and
injuries to persons, for which insurance coverage is expensive,
limited and potentially inadequate; management of cash resources;
restrictions imposed by, and as a result of, Pilgrim’s Pride’s
leverage; changes in laws or regulations affecting Pilgrim’s
Pride’s operations or the application thereof; new immigration
legislation or increased enforcement efforts in connection with
existing immigration legislation that cause the costs of doing
business to increase, cause Pilgrim’s Pride to change the way in
which it does business, or otherwise disrupt its operations;
competitive factors and pricing pressures or the loss of one or
more of Pilgrim’s Pride’s largest customers; currency exchange rate
fluctuations, trade barriers, exchange controls, expropriation and
other risks associated with foreign operations; disruptions in
international markets and distribution channel, including
anti-dumping proceedings and countervailing duty proceedings; and
the impact of uncertainties of litigation as well as other risks
described under “Risk Factors” in the Company’s Annual Report on
Form 10-K and subsequent filings with the Securities and Exchange
Commission. Pilgrim’s Pride Corporation undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
Contact: Dunham Winoto
Director, Investor Relations
Pilgrim's Pride Corporation
IRPPC@pilgrims.com
(970) 506-8192
www.pilgrims.com
Pilgrims Pride (NASDAQ:PPC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pilgrims Pride (NASDAQ:PPC)
Historical Stock Chart
From Apr 2023 to Apr 2024