Top Stories for Dec. 17
Rivers resigns as Pilgrim's CEO, Jackson to take position
Don Jackson has been named as the new president and CEO, subject to approval of the U.S. Bankruptcy Court.
Pilgrim’s Pride filed for Chapter 11 bankruptcy protection earlier this month. Rivers resigned as part of the company’s reorganization. Lonnie Ken Pilgrim, board chairman, will serve as interim president until the court’s approval.
"As Pilgrim's Pride begins the reorganization process, we believe the company and its stakeholders would be best served by a fresh perspective on the opportunities available to us through restructuring," said Lonnie "Bo" Pilgrim, senior chairman of Pilgrim's Pride. "Don Jackson is a proven leader with the essential skills and industry insight to position Pilgrim's Pride to emerge from Chapter 11 as a stronger, more efficient, and more focused company."
Pilgrim thanked both Rivers and Wright for their contributions to the company.
Source: Pilgrim’s Pride Corp.
Obama to pick Vilsack for Ag Secretary
Vilsack also ran for the White House, dropping out in February 2007 and backing U.S. Senator Hillary Clinton.
Obama is also expected to announce U.S. Senator Ken Salazar of
Salazar is a member of the Senate Committee on Energy and Natural Resources and has reportedly developed a reputation as a strong advocate of reducing the country's dependence on foreign oil. Vilsack has campaigned for the development of ethanol as an alternative energy source in
Tyson finalizes new lender agreement
The company was reported to have filed regulatory documents on Wednesday that revealed the new terms of the company’s five-year revolving credit agreement.
The filing reportedly said that Tyson and its subsidiaries "pledge substantially all of their assets to secure performance of the company's obligations under the credit agreement." The filing notes that prior to the amendment to the pact, only some of its assets were used as collateral.
Reports said that Tyson’s credit rating was recently downgraded because of concerns of losses with Tyson’s chicken business. Many poultry producers have struggled to remain profitable after higher production costs and lower demand for poultry products this year.
Source: Associated Press
Cargill buys assets of Carneco
The purchase includes a ground beef processing plant in
The company said it had bought the beef facility to replace a plant in
“This transaction is consistent with our strategy to deliver distinctive products that help our customers succeed,” said John O’Carroll, president of the foodservice unit. “We look forward to a smooth transition as we build and foster relationships with employees, the surrounding community, customers and suppliers.”
Campforio, Groupe Smithfield complete merger
The merger creates the largest packaged meats companies in
Smithfield Foods reportedly owns 37 percent of the new company. Previously
"This is a major step in
Source: Smithfield Foods Inc.