April 27, 2016 - Pilgrim's Pride Corporation (Nasdaq:PPC) announced today that as part of its continuing strategy of improving its capital structure and generating shareholder value, its Board of Directors has approved the declaration of a special cash dividend of $2.75 per share. The total amount of the special dividend payment will be approximately $700 million, based on the current number of shares outstanding. The special cash dividend is payable on May 18, 2016, to stockholders of record on May 10, 2016.
"The Board's decision to pay a special dividend is a reflection of the success we have had over the past five years in executing our portfolio strategy while partnering with key customers, relentless pursuing operational excellence and growing value-added exports. We will continue to seek ways to produce superior operating performance, reduce volatility and maximize our cash flow generation potential, within an optimized capital structure," stated Bill Lovette, Pilgrim's Chief Executive Officer.
About Pilgrim's Pride
Pilgrim's employs approximately 37,900 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company's primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.
