Physical Assets and Selected Inventories Included in Acquisition.
Tuscaloosa, AL…Peco Foods Inc. has contracted to acquire the physical assets of the Batesville, Arkansas, poultry complex owned by Townsends, Inc. and subsidiaries. In addition to the plant, feed mill and hatchery facilities, Peco will purchase selected inventories, according to an announcement by Mark Hickman, CEO of the Tuscaloosa, Alabama-based poultry company.
“We are pleased to add the Townsend Foods complex in northeast Arkansas to our operations,” Hickman said Friday. “The Batesville plant is very similar to our complex in Sebastopol, Mississippi, and will fit seamlessly with our overall market strategy and growth plan.”
Like Peco Foods, Townsends, Inc. is a third-generation, family-owned poultry processor. Founded in 1891, Townsends filed Chapter 11 bankruptcy late last year, and the assets were sold at auction earlier this week. Mark Hickman said the transaction will close February 25, and there will be a quick transition to production in Batesville under the new Peco ownership. “This is an ideal opportunity for us to expand our production capacity at the right time in Peco’s history,” Hickman said. “It is a very positive move for our company.”
Peco Foods is a family-owned business with four kill plants, two further processing plants, four hatcheries, and four feed mills located in Alabama and Mississippi.
Source: Peco Foods
Contact: firstname.lastname@example.org February 18, 2011