Cal-Mane Foods Inc (CALM: Quote) Wednesday announced that it has reached a definitive agreement with Pilgrim's Pride corporation (PPC: Quote) to acquire the commercial egg operations of the latter for an undisclosed amount.
Cal-Maine Foods, primarily engaged in the production, grading, packing and sale of fresh shell eggs, stated that the proposed acquisition of assets include two production complexes with capacity for approximately 1.4 million laying hens and adjacent land located near Pittsburg, Texas.
The Company further added that it 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……."
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by RTT Staff Writer
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