PITTSBURG, Texas (AP) — Pilgrim's Pride Corp., the biggest U.S. chicken processor, said Monday it has sold its turkey-production plant in Pennsylvania and is getting out of the business because of slim profits.
Financial terms were not disclosed for the sale of the plant, which went to a subsidiary of Hain Pure Protein Corp. Pilgrim's Pride said the deal didn't result in a material gain or loss.
Chief Executive Clint Rivers said the small size of Pilgrim's Pride's turkey operations made it difficult to earn acceptable profits. He said the sale would let the company focus on its core chicken business.
Pilgrim's Pride's entered the turkey business in 2001 with the purchase of WLR Foods Inc. In its last fiscal year, the Pittsburg, Texas-based company reported U.S. turkey sales of $122 million (euro79.5 million).
The plant and distribution center in New Oxford, Pennsylvania, process 175,000 turkeys a week and employ about 530 workers, the company said. They were sold to Hain unit New Oxford Foods LLC.
Shares of Pilgrim's Pride fell 56 cents, or 2.4 percent, to $22.65 in afternoon trading.
