Judge OKs Pilgrim's Pride Farmerville plant sale
May 20, 2009
by Bryan Salvage
FARMERVILLE, LA. — A federal bankruptcy judge in Fort Worth has approved the sale of the Pilgrim's Pride chicken processing plant in Farmerville to California-based Foster Farms, according to The Associated Press.
Although the plant closed after Pilgrim's Pride filed for financial reorganization, the judge’s approval is a major step in Louisiana’s plan to save the plant. Foster Farms has agreed to buy the plant for $80 million. Approximately 1,300 workers lost their jobs earlier this month after the plant closed
According to legislation now under consideration, the state of Louisiana would contribute $50 million, plus another $10 million toward equipment upgrades.
Foster Farms plans to open the plant by mid-July.