PENDING ACQUISITION

3 Months Ended

Mar. 29, 2015

Business Combinations [Abstract]

PENDING ACQUISITION

PENDING ACQUISITION

On July 28, 2014, the Company entered into a definitive agreement to purchase Provemex Holdings LLC and its subsidiaries (together, “Tyson Mexico”) from Tyson Foods, Inc. and certain of its subsidiaries for approximately $400.0 million, which is subject to adjustment for closing date working capital. On April 29, 2015, the Company entered into an amendment to the agreement with Tyson Foods, Inc. to extend the deadline to consummate the transaction from April 30, 2015 to June 30, 2015. The closing of the transaction is subject to regulatory approvals and other customary closing conditions, including the approval of applicable merger control regulatory authorities in Mexico.  We expect that a decision from these regulatory authorities will be obtained during the second quarter of fiscal 2015. If the acquisition is completed, we expect to fund the purchase price from available cash balances and bank credit. Tyson Mexico is a vertically integrated poultry business based in Gomez Palacio, Durango, Mexico. It has a production capacity of 3 million birds per week in its three plants and employs more than 5,400 in its plants, offices and seven distribution centers.