Pilgrim’s on high alert for avian influenza’s return

Pilgrim’s CEO Bill Lovette assured shareholders that the company is on high alert for the possible return of avian influenza in the United States and is prepared to deal with a new outbreak if it strikes in or near one of the company’s operations.
Lovette, speaking during the quarterly earnings call on October 29, said the company is on the lookout for new U.S. avian influenza cases as migratory birds begin to fly south. While the virus was only detected in the Pacific, Central and Mississippi flyways earlier in 2015, Lovette said Pilgrim’s has to assume that all four U.S. flyways are at risk.
“We are continuing to place all of our production complexes on a high biosecurity alert, and have improved training to all of our team members involved. In addition, as before, we continue to test every broiler flock prior to slaughter and constantly look for the presence of the virus in our breeders,” Lovette said. “We also have a localized response plan ready to employ all production complexes in the event of an active infection in our own birds or those owned by others nearby.”

Avian influenza and international trade

Lovette discussed how some countries have implemented trade bans over concerns of avian influenza, and that those bans have had an impact on the U.S. poultry industry and Pilgrims itself, which reported both a decline in net income and net sales for the third quarter of fiscal year 2015.
Lovette said since the last confirmed case of highly pathogenic avian influenza was reported in June, provided no new cases emerge, the U.S. could possibly see some of those bans lifted by the end of the year, citing that the lifting of trade bans typically begin around 6 months after the last detection.

US Labor Department accuses Pilgrim’s of discrimination

The U.S. Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) has filed a lawsuit against Pilgrim’s, alleging the poultry company systematically discriminated against qualified African-American applicants seeking entry-level jobs as laborers and operatives at its plant in Marshville, North Carolina.
"Discrimination will not be tolerated by employers who profit from government contracts," said OFCCP Director Patricia A. Shiu. "OFCCP will use every action available by law, including canceling Pilgrim's federal contracts if necessary, to ensure workers are treated fairly."

Lawsuit second against Pilgrim's in past 30 days

The complaint results from an OFCCP investigation into the company's selection procedures. This is the second lawsuit filed by OFCCP against the company in less than 30 days. The first complaint, filed on September 15, alleges that Pilgrim's systematically discriminated against qualified African-American, Caucasian, and female applicants for entry-level laborer and operative positions at its chicken plant in Athens, Alabama. Both complaints were filed with the department's Office of Administrative Law Judges and seek complete make-whole relief, including instatement of qualified black applicants at the chicken processing facility, payment of lost wages, interest, front wages, and other fringe benefits, including but not limited to retroactive seniority.
OFCCP stated that it reviewed the two facilities for compliance with Executive Order 11246, which prohibits federal contractors from discriminating against job applicants on the basis of race and national origin. The agency said that in 2007 and 2008, the Marshville facility's selection criteria were inconsistently applied, unfairly discriminating against African-American applicants. OFCCP also found that Pilgrim's Pride failed to maintain records and to perform in-depth analyses of its employment processes to determine if impediments to equal employment opportunity existed, as required by Pilgrim's federal contracts and OFCCP regulations.
From 2007 to 2011, Pilgrim's received more than $36 million in federal contracts as a provider of poultry to agencies such as the departments of Defense and Agriculture, according to the OFCCP.

Pilgrim's donates $100,00 to poultry research farm

Pilgrim's Pride Corporation has donated $100,000 to Auburn University in Alabama to help fund the relocation and modernization of a new state-of-the-art poultry research facility.
"We see this as an opportunity to invest in the future innovators of the poultry industry, who will be able to assist us as we work to feed a growing world population," said Bill Lovette, Pilgrim's CEO. "If we can broaden the knowledge base by attracting students with fresh ideas about poultry production, that's a win-win for our business and for the long-term viability of this industry."
Jayson Penn, executive vice president of sales and operations for Pilgrim's, presented the donation on Sept. 23 to a group of Auburn dignitaries.
The new Auburn research facilities will allow for increased control, precision and replication to meet research needs well into the future, as well as the ability to generate new knowledge and technology to sustain commercial poultry production. Auburn is one of six remaining dedicated poultry science departments in the U.S.
Relevant research being done at Auburn includes studies on meat quality, litter management, animal welfare and antibiotic-free production.
"Auburn University's Department of Poultry Science is extremely grateful for the long-standing relationship we have had with Pilgrim's and for this generous gift," said Donald E. Conner, PhD., head of the Department of Poultry Science at Auburn. "These funds will directly support construction of new poultry education and research farm facilities. In turn, these new facilities will provide an exceptional learning environment for our students, as well as enable the research needed to support and advance the poultry industry well into the future."

OSHA fines Pilgrim’s, says injuries were preventable

Pilgrim’s has been cited by the U.S. Department of Labor's Occupational Safety and Health Administration (OSHA), alleging that three employees were injured in accidents that the agency said were preventable at its facilities in Moorefield, West Virginia.
OSHA investigators went to two Pilgrim’s facilities in Moorefield during inspections conducted in April, May and June, and claim that preventable safety violations caused the injuries – including one case where a worker had three fingers amputated. Following those visits, OSHA cited Pilgrim’s for one repeat and three serious violations. The proposed fines total $46,825.
According to OSHA, on April 28, 2015, an employee contacted an unguarded machine shaft while operating a conveyer system. Pulled around the shaft, the worker suffered a fractured arm. Two weeks later, on May 12, an employee fell on a concrete floor while refilling a machine with an inadequate step for employee access. A third worker had three fingers amputated when they caught in a blender while removing poultry from the machine on June 15.
Pilgrim’s, the second largest broiler company in the United States, has 15 business days from receipt of its citations and penalties to comply, request an informal conference with OSHA's area director, or contest the findings before the independent Occupational Safety and Health Review Commission.

Pilgrim’s approves $150 million share buyback program

The Board of Directors for Pilgrim’s has approved a new $150 million share repurchase authorization for its common stock over the next 12 months, reinforcing the company's commitment to creating shareholder value and the strength of Pilgrim's balance sheet and operating cash flow.
The company announced on July 29 that it plans to implement its stock repurchase program through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs. The extent to which the company repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the company's management team. Pilgrim’s reserves the right to limit or terminate the repurchase program at any time without notice.
Pilgrim’s announced the share buyback program on the same day it released its financial information for the second quarter of fiscal year 2015. Pilgrim's achieved a net income of $241.5 million during the second quarter, which was an improvement of 27 percent when compared to the same quarter of 2014.
Pilgrim's employs approximately 39,300 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico.

Pilgrim’s net income up 27 percent in Q2 2015

Pilgrim's achieved a net income of $241.5 million during the second quarter of fiscal year 2015, an improvement of 27 percent when compared to the same quarter of 2014.
Other highlights during the quarter include a rise in adjusted earnings per share, recording $0.94 in the second quarter of 2015, compared to $0.73 in the same period last year. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the quarter were recorded at $425.8 million, or a 20.7 percent margin, a 26 percent improvement when compared to the $337.1 million generated in the prior year.
One down side for the quarter was that net sales were at $2.05 billion for the thirteen-week period, a drop from the $2.19 billion in net sales for the same period in 2014.
"We remain very committed to our goals of joint value creation with key customers, relentless pursuit of operational excellence and growing value added exports, and despite ongoing export challenges during Q2, our team has once again delivered solid results," stated Bill Lovette, CEO of Pilgrim's.
"The business continues to generate strong cash flows and our team remains relentless in finding additional opportunities to improve our operations and build competitive advantages. We are on target to achieve $200 million in operational improvements for the year. During Q2 we completed investment projects at two of our plants that negatively impacted quarterly production volumes, but should result in improved efficiencies and enhanced sales mix opportunities."
"The vision and diversification strategy that we have implemented over the past few years are creating an opportunity for us to keep our strong performance in different market conditions and with lower volatility than any specific segment. In addition, our growth in Mexican operations through acquisition and greenfields will complement our existing facilities in the region, and make us a stronger player by improving our geographical coverage and serve the future growing needs of that market."

Pilgrim’s plant temporarily closes for roof repairs

The management at the Pilgrim’s east poultry plant in Mount Pleasant, Texas, decided to have the plant not operating on July 1 as the company was having needed repairs done on the roof.
Ruben Lopez, area human resources director for Pilgrim's Pride, told KLTV that initially, the east plant would simply delay its opening for a short period of time, but instead decided to not be operational for a longer span of time. Employees of the plant were advised to check with their supervisors for updates as to when the plant would be back in operation.
Pilgrim’s, the second largest broiler company in the United States, has three plants in Mount Pleasant. According to the WATT PoultryUSA Top Companies 2015 poultry plants directory, two of the plants in the community, including the one undergoing roof repairs,  are slaughter plants, while the other is a further processing plant. 

Charges dropped in case of 300,000 dead Pilgrim’s birds

Charges have been dropped against a man suspected of breaking into poultry houses that are owned by contract growers for Pilgrim’s, a vandalism spree that led to the deaths of more than 300,000 chickens.
James Laverne Lowery, 44, was arrested at his home in Sumter County, South Carolina, on April 7 on eight counts of second degree burglary and four counts of malicious injury to animals over $100,000. Lowery, a former grower for Pilgrim’s whose contract was not renewed, had been tied to the case where he was accused of tampering with alarms to the chicken houses and tampering with heating units that would ultimately cause death to the birds. The crimes occurred in February at eight farms in Clarendon County, South Carolina. Damages were estimated around $1.7 million.
However, this week, Clarendon County Chief Magistrate Judge Percy Harvin said there was not sufficient evidence to further pursue the prosecution of the case, reported Manning Live. But Harvin added that Lowery could still be prosecuted, should the solicitor’s office choose to present the case to a grand jury for an indictment.
Pilgrim’s had earlier offered a reward of up to $50,000 for information that would lead to the arrest and conviction of the person or persons responsible for the crime.

Fire damages Pilgrim’s Pride feed plant in Florida

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  freeimages.com/nummie9988

  A Pilgrim’s Pride chicken feed plant in Gainesville, Florida, suffered “significant damage” from a dust explosion on May 2.

  From WATTAgNet:
  A Pilgrim’s Pride chicken feed plant in Gainesville, Florida, suffered “significant damage” from a dust explosion on May 2. No injuries were reported.
  Firefighters extinguished hot spots after the explosion, and returned to the scene again later to put out a flare-up of smoldering feed.
  The plant crushes corn for chicken feed. A damage estimate is not known at this time.
  
  
  2014 death at Texas plant
  In October 2014, an employee at a Pilgrim's Pride plant in Mount Pleasant, Texas, died after an apparent accident at the poultry plant. The accident is believed to have happened on October 17.
  The worker, whose identity has not yet been released to the public, had apparently been working in the ice room at the Pilgrim’s facility in Mount Pleasant and was hit by a block of ice. The employee was found passed out in the ice room, according to a news report from KSLA TV.
  When the worker was discovered on the floor, fellow employees attempted to revive him by performing CPR at the plant. Those attempts to resuscitate him were not successful. The patient was then taken to Titus Regional Medical Center in Mount Pleasant. Titus County Justice of the Peace Kay McNutt was called to the hospital and pronounced the patient dead around 1:30 p.m.
  
  
  Safety awards
  In 2013, several Pilgrim’s Pride plants received Awards of Honor and Awards of Merit from the Joint Industry Safety and Health Council for outstanding safety performance through the implementation of innovative and effective employee safety and health programs.

Pilgrim’s doubles net income during 1st quarter of 2014

Pilgrim's achieved a net income of $204.2 million during the first quarter of fiscal year 2015, more than doubling its net income of $98.1 million during the same period of 2014.
The second largest poultry company in the United States, according to the WATT Global Media Top Companies Database, also reported net sales of $2.05 billion during the quarter, up from the $2.02 billion recorded during the first quarter of fiscal year 2014.
"We are pleased to report we are off to a strong start in 2015 in U.S. and Mexico despite some challenges in Q1. We continue to execute well against our goals of focusing on key customers, relentless pursuit of operational excellence and growing value added exports. Our strong results are a testament to the benefits of our portfolio model, which we believe provide superior results with lower volatility than our peers over time. Our portfolio strategy also enables us to take advantage of differing conditions in various markets," stated Bill Lovette, CEO of Pilgrim's.
"While we saw some softness in export markets, we believe these issues are temporary and will be resolved over time. Despite certain challenging market conditions for some cuts, overall cutout pricing has remained strong as consumer demands more chicken since it continues to be the most competitive protein."

Pilgrim’s to cut antibiotic use in chicken by 25%

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  Andrea Gantz

  Pilgrim's plans to eliminate the use of antibiotics in 25 percent of its chickens by 2019.

  From WATTAgNet:
  Pilgrim's has plans to eliminate all antibiotics from 25 percent the chickens it produces by 2019, Bill Lovette, CEO of Pilgrim’s, recently announced. Pilgrim’s, the second largest poultry company in the United States, currently has about 5 percent of its birds raised without the use of antibiotics.
  The move is being made in response to the growing demand for antibiotic-free chicken, both from consumers and from companies that Pilgrim’s supplies.
  The company also announced that it is working to end the use of antibiotics that are deemed important in human medicine, which responds to a growing trend of companies phasing out such antibiotics amid concerns about their use leading to antibiotic resistance. Quick service restaurant chain McDonald’s and retail chain Costco both announced in March that they would be phasing out chicken raised with antibiotics also used in human medicine.
  Other restaurant chains, such as Chick-fil-A, have initiated plans to totally eliminate chicken raised with antibiotics from company locations.
  Headquartered in Greeley, Colorado, Pilgrim’s processes 28.72 million birds weekly, according to the WATT Global Media Top Companies Database. The company, which is a subsidiary of Brazil-based meat and poultry company JBS SA, has 24 slaughter plants, five cooking plants, 30 hatcheries and 24 feed mills.

Arrest made in deaths 30,000 Pilgrim’s chickens

Authorities in Clarendon County, South Carolina, have arrested a man suspected of vandalizing 16 poultry houses operated by contract growers for Pilgrim’s.
James Laverne Lowery, 44, was arrested at his home in Sumter County, South Carolina on April 7.  Lowery was a chicken producer in Sumter County who previously had a contract with Pilgrim’s, but that contract had been terminated, Clarendon County Sheriff's Office Maj. Kipp Coker told the Sumpter Item. Lowery faces eight counts of second-degree burglary and four counts of malicious injury to animals over $10,000.
All of the incidents occurred in February at eight farms with contracts with Pilgrim’s. The incidents caused about $1.7 million in damages.
Clarendon County Sheriff Randy Garrett had earlier said that he believed the vandalism was done by someone with a working knowledge of poultry operations.
"They know how to turn the heat on or off to kill these birds," Garrett said. "They know what those birds require to live in those houses and they know how this operates."
Pilgrim’s had offered a reward of up to $50,000 for information that would lead to the arrest and conviction of the person or persons responsible for the crime.
"The family farmer is the backbone of rural America, her values and her economy," Bill Lovette, president and CEO of Pilgrim's said upon offering the reward. "The American family farmer makes safe, nutritious and affordable meals possible for millions of American families every day. An attack against the family farm should not and cannot be tolerated.”

Pilgrim’s offers reward in case of killed chickens

Pilgrim's is offering an award of up to $50,000 for information leading to the arrest and conviction of the perpetrator or perpetrators of vandalism against family farmers in Clarendon County, South Carolina.
"Pilgrim's was recently made aware of several unfortunate and deliberate acts of vandalism at the operations of some of our contract grower partners in Clarendon County, South Carolina," said Randy Stroud, live operations manager, Pilgrim's Pride. "These heinous acts resulted in a cruel death for several thousand chickens that were under the care of dedicated family farmers. These are not factory farms - they are family farms operated by good men and women who work hard each day to provide humane care and safe living conditions for their birds."
The affected family farms are under contract to grow chickens on behalf of Pilgrim's, delivering the birds to the company's prepared foods facility in Sumter, South Carolina. Pilgrim's Sumter is a critical part of the economic viability of the local community, the company stated, employing more than 1,600 team members, partnering with more than 90 local growers and paying more than $24 million in annual grower payments. Pilgrim's Sumter provides high quality chicken products to retail and food service customers throughout the U.S. and around the world. Pilgrim's will deliver new flocks of birds to affected growers in the coming days to help compensate losses.
"I want to personally thank Clarendon County Sheriff Randy Garrett and his team, the USDA and the South Carolina state police for their efforts to investigate this matter and hold those responsible accountable," said Mickey Baugher, complex manager, Pilgrim's Sumter. "We have no idea why our grower partners may have been targeted. We will continue to assist authorities in any way possible to resolve this unfortunate situation."
The reward of up to $50,000 is being offered by Pilgrim's Pride Corporation. Anyone with information about these incidents or as to the identity or whereabouts of the perpetrators is urged to contact the Clarendon County Sheriff's Office at +1.803. 435.4414.
"The family farmer is the backbone of rural America, her values and her economy," said Bill Lovette, president and CEO of Pilgrim's Pride. "The American family farmer makes safe, nutritious and affordable meals possible for millions of American families every day. An attack against the family farm should not and cannot be tolerated and we hope this reward will help bring the perpetrators to swift justice."

Pilgrim’s growers lose more than 300,000 chickens to vandals

More than 300,000 chickens being raised for Pilgrim’s have been killed by vandals in Clarendon County, South Carolina.
The county’s sheriff says he believes the killings were not done randomly, but instead that the poultry company is being targeted by someone with a working knowledge of how chickens are raised that wants to cause financial harm to the company.
"They know how to turn the heat on or off to kill these birds," Sheriff Randy Garrett told WLTX. "They know what those birds require to live in those houses and they know how this operates."
In three incidents involving a total of eight farms, the vandals have killed more than 300,000 chickens to farms licensed with Pilgrim’s. Garrett estimates the total loss is around $1.7 million dollars.
Ambrose Hahn, one of the contract growers whose farm was hit, explained that the alarm had been turned off, and by the time he and his brothers reached the farm, he lost two houses containing 40,000 chickens. Hahn says each house is worth $10,000 for the farmers, but much more for the company.
Garrett is seeking the public’s help in solving the crimes.
Contacted by WLTX, the company issued the following statement: "Pilgrim's was recently made aware of acts of vandalism in Clarendon County that have resulted in the loss of chickens raised by some of our contract grower partners. These unfortunate, yet apparently deliberate acts show a blatant disregard for the welfare of the chickens and the livelihood of the family farmers involved. We are fully cooperating with local authorities. Given the ongoing investigation, we have no further comment at this time."

Pilgrim’s sees double-digit net income improvements in 2014, Q4

Pilgrim's reported a net income improvement of 17 percent for the fourth quarter of fiscal year 2014, achieving a net income of $167.2 million. For the year, Pilgrim’s achieved a net income of $711.7 million, a 29 percent improvement when compared to fiscal year 2013.
The net income figures reflect a $48 million adjustment due to the early retirement of the 2018 notes and a non-cash foreign exchange loss due to the peso devaluation.
The Colorado-based poultry company released its quarterly financial results on February 11.
Pilgrim’s net sales for the fourth quarter amounted to $2.11 billion, compared to $2.05 billion in net sales during the same quarter of 2013. However, the fourth quarter of 2014 was a 13-week period, while the fourth quarter of 2013 was a 14-week period.
"Though pleased with our results for 2014 and our team members deserve full credit, we will not be complacent. We continue driving ownership and accountability deeper in our company, and we are developing new tools and methods to improve our efficiency, sales mix, and margin," stated Bill Lovette, CEO of Pilgrim's.
"Given our strong cash flow generation, earlier last month we announced a special dividend payment of $5.77 per share, which is a sign of confidence in the future, as well as proof of a promise we made to generate shareholder value while optimizing the company's capital structure."
Lovette also offered an optimistic view as he looks ahead to the rest of fiscal year 2015.
"We see 2015 as yet another opportunity for our team to create shareholder value through serving our key customers, relentless pursuit of operational excellence, and growing value added exports. As we begin the year, demand for chicken continues to be strong, outpacing supply, and with the improvements we've implemented, Pilgrim's is ideally situated to reap the benefits," said Lovette.

Pilgrim’s temporarily stops production at Texas plant

The Pilgrim’s Pride east poultry plant located at 1030 South Pilgrim’s Street in Mount Pleasant, Texas, is temporarily being shut down, according to an official with the company.
Ruben Lopez, a human resources executive with Pilgrim’s, told reporters for KTRE that the poultry plant would not be in production on January 16. He said the temporary shutdown would affect both the day and night shifts. Normal operations at the plant were expected to begin again on January 19, Lopez added.
Lopez did not provide a reason for the temporary halt to production at the poultry plant.
Pilgrim’s, the second largest poultry company in the United States, operates three facilities in Mount Pleasant, according to the WATT PoultryUSA Top Companies 2014 poultry plants directory. In addition to its east and west poultry slaughter plants, the company also operates a further processing plant in the community. Other Texas communities with Pilgrim’s plants are Lufkin, Nacogdoches and Waco.

Pilgrim’s to pay $1.5 billion in dividends

Pilgrim's Pride Corporation’s board of directors has approved the payment of extraordinary dividends in the amount of $5.77 per share, announced JBS SA, the parent company of Pilgrim’s. The dividends approved amount to approximately $1.5 billion.
The dividends will be paid on February 17 to the shareholders registered in January 30, 2015. From this amount, JBS USA Holdings, owner of 75 percent of Pilgrim's capital stock, will receive approximately the gross value of $1.13 billion, to be used for general corporate purposes.
The dividends announced by JBS and Pilgrim’s demonstrate the company's commitment to the strategy of generating value to its shareholders while improving its capital structure, focusing on operational excellence and increasing its exposure to value added products and brands.
"Three years ago our company initiated a strategy to create shareholder value and improve capital structure by partnering with key customers, relentlessly pursuing operational excellence and growing our value added exports. The board's decision to approve the special dividend payments is a testament to this strategy, our financial discipline and our confidence in the future. We will continue on our path to generate shareholder value with an improved capital structure while maintaining the flexibility to pursue our growth strategy," stated Bill Lovette, Pilgrim's CEO.

OSHA cites Pilgrim’s for four violations in August electrocution

The Occupational Safety &  Health Administration (OSHA) fined Pilgrim’s $59,500, citing three serious violations and one repeat violation in connection to the electrocution of a worker at a poultry processing plant in Nacogdoches, Texas.
Bobby Joe Beall, 50, died the morning of August 4 after being exposed to an electric shock while working on machinery at the Nacogdoches poultry plant.
According to KLTV, OSHA cited Pilgrim’s, alleging it was in violation of the following rules:


• The circuits and equipment to be worked on shall be disconnected from all electric energy sources. Control circuit devices, such as push buttons, selector switches, and interlocks, may not be used as the sole means for deenergizing circuits or equipment. Interlocks for electric equipment may not be used as a substitute for lockout and tagging procedures.
• A lock and a tag shall be placed on each disconnecting means used to deenergize circuits and equipment on which work is to be performed... The lock shall be attached so as to prevent persons from operating the disconnecting means unless they resort to undue force or the use of tools."
• A qualified person shall use test equipment to test the circuit elements and electrical parts of equipment to which employees will be exposed and shall verify that the circuit elements and equipment parts are deenergized. The test shall also determine if any energized condition exists as a result of inadvertently induced voltage or unrelated voltage backfeed even though specific parts of the circuit have been deenergized and presumed to be safe. If the circuit to be tested is over 600 volts, nominal, the test equipment shall be checked for proper operation immediately after this test.
• Each disconnecting means ... for motors and appliances shall be legibly marked to indicate its purpose, unless located and arranged so the purpose is evident.
Pilgrim’s is contesting the violations, according to OSHA.

Pilgrim’s purchase of Tyson de Mexico may not close until 2015

Pilgrim’s proposed purchase of Tyson Foods’ operations in Mexico may not be finalized for several months, Pilgrim’s CEO Bill Lovette said on October 30 during a quarterly earnings call with shareholders. Pilgrim’s, which already has a presence in Mexico, looks to expand its poultry operations in the country and announced in July that it intends to purchase Tyson’s Mexican unit, Tyson de Mexico.
“We’re progressing through the required evaluations from regulatory agencies,” said Lovette. “We don’t anticipate final resolution until late this year or early 2015. In the meantime, our energies are directed toward continuing to be a strong operator with profitable growth.”
Pilgrim’s has agreed to pay $400 million for Tyson’s Mexican operations, a vertically integrated poultry business based in Gomez Palacio in North Central Mexico. Tyson de Mexico has three plants and employs more than 5,400 people at its plants, offices and seven distribution centers. Once acquired, the business unit will become part of Pilgrim’s Pride Mexico.
Lovette’s update on the proposed acquisition comes on the heels of the news that the sale of Tyson’s Brazilian unit, Tyson do Brasil, to JBS Foods has been approved by Cade, Brazil’s competition commission. That acquisition is valued at $175 million.

Pilgrim's net income, net sales jump in third quarter

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  File photo

  Pilgrim's CEO Bill Lovette says disciplined management and strong chicken markets helped the company in the third quarter.

  From WATTAgNet:
  Pilgrim's achieved a net income of $256 million during the third quarter of fiscal year 2014, resulting in diluted earnings per share of $0.99. The financial reports for the quarter showed a substantial improvement from the company’s net income of $160.9 million and diluted earnings per share of $0.62 recorded during the third quarter of the previous year.
  The poultry company also saw its net sales jump to $2.3 billion for the quarter, up from the $2.1 billion in net sales for the third quarter of fiscal year 2013.
  "Our third quarter results reflect the discipline that Pilgrim's has demonstrated in managing the variables within our control as well as the strength we've seen in the chicken markets," stated Bill Lovette, CEO of Pilgrim's. "Our focus has been, and continues to be, the consistent execution of our strategy to be a valued partner to our key customers, relentless pursuit of operational excellence and value-added export growth. We are optimistic that we will continue to be one of the more profitable operators with our management philosophy conducive to continually operating at the top of our industry, even with varying levels of strength in chicken markets."
  "We are pleased about the level of engagement from our team members as we move into 2015. Through our budgeting process for next year we have identified new targeted capital investments and additional operational improvement opportunities that will continue our trajectory towards our vision of being the best managed and most respected company in the industry."