4-15 news: Investors make bid on Pilgrim's Arkansas plant
According to the Associated Press, the state of Arkansas is offering both money and incentives in the deal. "The odds have been stacked up against us," Beebe told reporters. "First of all, Pilgrim's doesn't want to sell it. They want to mothball it, or take it out of circulation because they say there's an oversupply of chickens and they're trying to reduce the amount of poultry in the pipeline.” He added that the investors are experienced in the poultry industry.
Pilgrim’s spokesman Ray Atkinson denied that claim, stating, “The reason we are doing that is to reduce our production of low-value commodity meat that’s a financial drain on our company.”