LAUREL, Miss. (AP) -- Poultry producer Sanderson Farms Inc. has closed a public offering of 2.3 million shares of its common stock at $53 per share.

The offering included 300,000 shares to cover an option by underwriters.

Laurel-based Sanderson Farms says that it plans to use the offering's net proceeds along with some other funds to pay for the creation of a new retail poultry building in Kingston, N.C.

The proceeds also may be used if the company proceeds with a new poultry plant near Goldsboro, N.C.

Sanderson Farms may also use proceeds to lower debt and to invest in cash and cash equivalents.

Copyright 2010 The AP.

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