Posted 7/22/2008 10:47 am
Updated 2 years ago
Simmons Foods Inc. of Siloam Springs announced Monday that it had completed a buyout of broiler operations from Peterson Farms Inc. of Decatur.
Terms of the deal were not disclosed, but according to a press release about the deal, Simmons Foods acquired additional assets including "feed milling, hatchery operations, first processing, transportation vehicles, flocks and a network of contract growers."
Peterson farms had announced the two companies were in negotiations on June 3, citing rising costs.
Peterson's broiler operations produce about 5 million pounds of chicken every week. Products are sold to retail and food-service industries.
Peterson Farms is owned by the Evans family of Decatur. Three members of the family were directors for Bentonville-chartered ANB Financial NA, which failed on May 9.
Victor Evans, former CEO of Peterson Farms, owned 14.47 percent of the bank, and Debra Evans, daughter of Peterson Farms founder Lloyd E. Peterson, owned 14.09 percent of ANB.
Blake Evans, grandson of Lloyd Peterson, owned about 1.06 percent.
In June, Blake Evans told the Northwest Arkansas Business Journal that the sale had nothing to do with the failure of ANB Financial.