ST. CLOUD - St. Cloud-based GNP Company is being sold to a Colorado Corporation.  Pilgrim's Pride, based out of Greely, Colorado, announced Tuesday they have a definitive agreement to acquire GNP Company.

It is an all cash $350 million transaction. Pilgrim's Pride says it is anticipated the transaction would close during the first quarter of next year, subject to regulatory review.

Pilgrim's Pride CEO Bill Lovette says "GNP boasts outstanding state-of-the-art assests in geographic areas where Pilgrim's is not currently present."

GNP Spokeswoman Lexann Reischel says in a statement to WJON, "GNP Company remains as focused as ever on providing the high-quality product, service and partner excellence our customers and community have come to trust and expect from us."

GNP has production facilities in Cold Spring, Luverne and Arcadia, Wisconsin. It employs about 1,700 people.

Pilgrim's Pride has over 38,000 people and operates chicken processing plants and prepared food facilities in 12 states, Puerto Rico, and Mexico.

GNP Company was bought by The Maschoffs LLC based out of Carlyle, Illinois in November, 2013, prior to that it was locally owned.