May 1, 2001 - PF Management to buy out Pierre Foods.
A management group will purchase and privatize Pierre Foods Inc., Cincinnati, Ohio, following approval from the company's board of directors. PF Management Inc., which owns approximately 63 percent of the company's outstanding common stock, will purchase for $1.21 per share all common stock owned by unaffiliated investors. The buyout company is owned by James Richardson Jr., Pierre's chairman, David Clark, Pierre's vice chairman, and James Templeton, a retired executive. Norbert Woodhams, president and CEO of Pierre, said the buyout will have no significant impact on the business except for saving some of the cost associated with public stock ownership.
This article reprinted with permission from Meat Marketing & Technology.
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