Cal-Maine Foods, Inc. Announces Agreement to Acquire Egg Production Assets of Pilgrim’s Pride Corporation
07/18/2012 – Jackson, Miss. – Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that the Company has reached an agreement to acquire the commercial egg operations of Pilgrim’s Pride Corporation (NYSE: PPC). The assets to be purchased by Cal-Maine Foods include two production complexes with capacity for approximately 1.4 million laying hens and adjacent land located near Pittsburg, Texas. The Company expects to close the transaction in August 2012.
Commenting on the announcement, Dolph Baker, president and chief executive officer of Cal-Maine Foods, Inc., said, “Cal-Maine Foods is very pleased to announce this acquisition. Pilgrim’s Pride has an excellent reputation and strong brand recognition with a well-established customer base. These production facilities will complement our existing operations in Texas and the additional capacity will enhance our ability to serve our customers in the Texas markets. We welcome this opportunity for the continued growth of our business and the ability to provide greater value for our customers and shareholders.”
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs, including conventional, cage-free, organic and nutritionally-enhanced eggs. The Company, which is headquartered in Jackson, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 29 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
Pilgrim’s Pride Corporation is headquartered in Greeley, Colorado. Pilgrim's is the second-largest chicken producer in the world, with operations in the United States, Mexico and Puerto Rico. The company is ranked among the largest U.S. corporations currently employing approximately 38,500 people. Neither company has released information on how many employees will be impacted in the Cal-Maine purchase of Pilgrim’s Pride egg operations.
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