PITTSBURG, Texas, Nov. 10 /PRNewswire-FirstCall/ -- Pilgrim's Pride
Corporation (NYSE: PPC) today announced that it has appointed William K.
Snyder, managing partner of CRG Partners Group, LLC in Dallas, as chief
restructuring officer. In this new position, Mr. Snyder will assist the
company in capitalizing on cost reduction initiatives, developing
restructuring plans and exploring opportunities to improve its long-term
liquidity. He will report to the board of directors of Pilgrim's Pride or a
committee of the board.
'William is a seasoned veteran with more than 25 years of experience in
helping companies in a wide variety of industries -- including foodservice,
restaurants and retailing -- realign their businesses to meet new challenges,'
said Clint Rivers, president and chief executive officer. 'He will play an
integral role in working with our outside advisors and lenders on a business
and restructuring plan that addresses the financial and operational challenges
currently facing Pilgrim's Pride.'
About Pilgrim's Pride
Pilgrim's Pride Corporation is the largest chicken company in the United
States and Puerto Rico and the second-largest in Mexico. Pilgrim's Pride
employs approximately 50,000 people and operates 35 chicken processing plants
and 11 prepared-foods facilities. Pilgrim's Pride products are sold to
foodservice, retail and frozen entree customers. The Company's primary
distribution is through retailers, foodservice distributors and restaurants
throughout the United States and Puerto Rico and in the Northern and Central
regions of Mexico. For more information, please visit
http://www.pilgrimspride.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions,
plans, hopes, beliefs, anticipations, expectations or predictions of the
future of Pilgrim's Pride Corporation and its management, including as to
anticipated hedging gains or losses and changes in pricing, demand and market
conditions for chicken products and profitability, are forward-looking
statements . It is important to note that the actual results could differ
materially from those projected in such forward-looking statements.
