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Tyson Foods, Inc. (TSN) - free report >>
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Pilgrim's Receives State Approval for Expansion Project
Premium consumer goods company Pilgrim’s Pride Corporation (PPC - Free Report) has gained a state approval for an expansion project at its Mayfield, KY-based poultry processing complex. The project would further solidify the company’s presence in Kentucky.
Work on the project is scheduled to commence from Oct 12, 2016. The $24 million project involves the relocation or removal of the conventional processing equipment and installation of new ones. This upgrade will to enable the facility to start debone portioning operation by Jul 2017.
Further, the expansion project will facilitate the processing of larger birds and in turn, better serve its customers. The facility is estimated to witness an increase of roughly 1 million pounds every week in live weight production once the project is completed. Also, the transformed facility would create as many as 155 new employment opportunities and would even make way for construction of 75 new chicken houses by local family farms.
Pilgrim's Pride enjoys a high brand value in the market. The company operates various chicken-processing plants and owns a number of food facilities in Mexico and Puerto Rico. With a vast international network, the company employs more than 35000 people around the world. The new $24 million expansion plan is part of the company’s $190 million strategic capital investment program to upgrade the quality of overall operational functions. It would help Pilgrim's Pride’s customer’s to tap new growth opportunities, which will help them to augment sales and widen their businesses.
Zacks Rank and Stocks to Consider
Pilgrim's Pride presently carries a Zacks Rank #3 (Hold). Some better-ranked stocks within the industry include Tyson Foods, Inc. (TSN - Free Report) , Capella Education Co. and Carter's, Inc. (CRI - Free Report) . All the three stocks presently hold a Zacks Rank #2 (Buy).
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