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Pilgrim’s Pride announces plea deal in price-fixing case

Pilgrim’s Pride has announced it will pay a $110 million fine for restraint of competition that affected three contracts for the sale of chicken products to one customer in the US.  The plea agreement with the US Department of Justice Antitrust Division is subject to the approval of the US District Court of Colorado. 

The agreement does not recommend a monitor, any restitution or probationary period and as long as the company complies with the provisions of the agreement the DOJ will not bring any further charges against Pilgrim’s in this matter. 

Fabio Sandri, CEO of Pilgrim’s says the company is committed to fair and honest competition in compliance with US antitrust laws and is encouraged that the agreement, announced on Wednesday, will conclude the Antitrust Division’s investigation into Pilgrim’s and provide certainty regarding the matter to the company’s team members, suppliers, customers, and shareholders.  Pilgrim expects to record the fine as a miscellaneous expense in its financial statements in the third quarter of 2020.