Moy Park Sold To US Food Firm Pilgrims Pride In £1 Billion Deal
Published on Sep 11 2017 12:44 PM
Brazilian-owned, US food firm Pilgrim’s Pride Corporation has today (11 September) announced that it has acquired Moy Park for £1 billion ($1.3 billion).
The poultry and prepared foods supplier, which has operations in the United Kingdom and Continental Europe, was purchased from the globally renowned meat processing company JBS S.A, in a transaction which was 'unanimously approved' by a Special Committee of the Pilgrim’s Board of Directors.
"The acquisition gives us access to the attractive UK and European markets, which advances our strategy of diversifying our portfolio to be more global while reducing volatility across our businesses." Bill Lovette, Pilgrim’s Chief Executive Officer said.
He said that the Brazilian company will have new business opportunities through the addition of Moy Park’s fully integrated poultry production platform and its strong presence in prepared foods.
Lovette highlighted, "Moy Park strengthens Pilgrim’s’ leading portfolio of brands and brings strong value-added innovation capabilities, access to new markets, a best-in-class production platform and strong farmer partner relationships."
Janet McCollum, Chief Executive of Moy Park, said that it will provide Pilgrim’s with a platform for growth in Europe as well as access to innovation and increased exposure to prepared foods.
"Both Moy Park and Pilgrim’s have a long heritage in agriculture and poultry production going back over 70 years and we share the same values." McCollum added.
Moy Park will remain headquartered in Craigavon, Northern Ireland.
© 2017 - Checkout Magazine by Donna Ahern