Brazilian food company Pilgrim's Pride Corporation announced that its board of directors has approved a new $200 million share repurchase authorization for its common stock over the next 12 months.

The repurchase reinforces Pilgrim's commitment to creating shareholder value and the strength of its balance sheet and operating cash flow.

The company plans to implement its stock repurchase program through various means, which may include but are not limited to open market purchases, privately negotiated transactions, the use of derivative instruments and/or accelerated share repurchase programs.

The extent to which Pilgrim's Pride repurchases its shares and the timing of such repurchases will vary and depend upon market conditions and other corporate considerations, as determined by the Company’s management team.