Private investors may buy Pilgrim's Pride Arkansas poultry plant

Arkansas is trying to broker a deal with a group of private investors interested in buying the Pilgrim's Pride poultry plant in El Dorado, Gov. Mike Beebe said Tuesday (Apr 14).

The Governor said they are working to keep the plant open and preserve the facility's 800 jobs by utilising the incentives used in every economic development situation.

Pilgrim's Pride in late February announced plans to idle plants in Douglas, Georgia; El Dorado, Arkansas; and Farmerville, Louisiana, in mid-May. So far, the Farmerville plant has been successfully sold to Foster Farms for US$80 million, with Louisiana paying half of the cost.

Beebe said it is an attempt to get another group of investors who could run a poultry plant of that type and size to keep it running, not only for the employees to keep their jobs but also for all the growers contracted to the plant.

Beebe would not reveal how much the state is offering and the identity of the investors, but said the group is experienced in poultry.

But plans may not go well because Pilgrim's Pride does not want to sell the plant, he said.

Pilgrim's Pride said last week it had agreed to solicit bids for the plants. Bids will be due May 15 for each facility and if a bid is accepted, a sales hearing will held on or before June 16.