Mayor Unsure What Hillshire Purchase Means for Pinnacle Workers
JACKSON, Tenn. — Hillshire Brands agreed to purchase Pinnacle Foods Inc. in May, but an announcement Monday could mean the deal is off. Tyson Foods, Inc. announced Monday it submitted an offer to buy Hillshire. According to Tyson, the deal would release Hillshire from its agreement to purchase Pinnacle Foods. Jackson Mayor Jerry Gist said he isn’t sure what this would mean for one of Jackson’s largest employer. “It could be a good thing or a bad thing,” Gist said. Gist is not sure how the offer will affect jobs locally. “They could be bringing new products into Jackson, and on the other hand they could be taking products out of Jackson, so it’s a real tentative situation,” Gist said. Abdoal Alkaifi works at a gas station near the plant and admits job losses at Pinnacle Foods could affect business. “I probably wouldn’t have the same customers come in here,” he said. Some Jackson residents do not want the city to lose any more jobs. “They’d lose the revenue,” said Bob Hallay, of Jackson, “Jackson sure don’t need to lose any more revenue.” The all-cash transaction between Tyson and Hillshire is valued at $8.55 billion, according to Tyson. “We just hope this gets done, one way or the other very soon, so our employees at Pinnacle can have some kind of comfort,” said Gist. Pinnacle Foods is the 8th largest employer in Jackson. WBBJ 7 Eyewitness News contacted Pinnacle Foods. The company did not return our phone call or email request for a statement.
