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China's 'Richest Chicken Farmer' Joins Bid For Moy Park

Liu Yonghao, chairman of China’s New Hope has joined a number of bidders, who has expressed an interest in the £1 billion takeover of Moy Park.

Yonghao who is China's 'richest chicken farmer' started his agrichemical business in 1982, by investing in breeding quails and chickens to sell on to other farmers, reported Telegraph.co.uk

The Craigavon-based firm was originally put up for sale as part of a divestment programme by its Brazilian parent group in June, this year.

Other companies reportedly interested in acquiring Moy Park include 'US-based Tyson Foods, Brazilian food company BRF and private equity firm CapVest.

JBS bought the Northern Irish poultry brand just two years ago in a £1.2 billion deal but is now 'rapidly trying to offload assets to cut its debt pile'.

Moy Park which was founded in 1943, is the largest private employer in Northern Ireland with 6,300 workers based in County Armagh.

It is one of the 15 biggest food companies in the United Kingdom.

© 2017 - Checkout Magazine by Donna Ahern

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