Published: Wed, September 13, 2017
Markets | By Noel Gibbs

Pilgrim's Pride acquires Moy Park

Pilgrim's Pride acquires Moy Park

Founded in Northern Ireland in 1943, Moy Park is now one of the UK's major food companies and one of Europe's leading poultry producers.

One of Grantham's biggest employers has been sold to a U.S. firm in a major £1 billion deal.

"The acquisition gives us access to the attractive United Kingdom and European markets, which advances our strategy of diversifying our portfolio to be more global while reducing volatility across our businesses", he said.

US poultry processor Pilgrim's Pride agreed on September 11 to pay parent JBS about $1 billion for British subsidiary Moy Park.

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In July, the Batistas and JBS agreed to the sale of Moy Park and other assets as a way to secure the refinancing of 20.5 billion reais ($6.7 billion) in loans maturing within the next 12 months.

The £1 billion deal was announced on Monday and accompanied by a statement that the new owner hopes to make $50 million (£37m) in synergy savings over the next two years.

Some buy side analysts are also providing their Analysis on Pilgrim's Pride Corporation, where 1 analysts have rated the stock as Strong buy, 5 said it's a HOLD.

Chief Executive of Moy Park Janet McCollum said: "The announcement is a positive development for Moy Park and all our colleagues employed across the business".

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Victory Capital Management Inc. lifted its position in Pilgrim's Pride Corporation (NASDAQ:PPC) by 198.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). Pilgrim's said its bid for Moy Park valued the entire company at $1.3 billion, including debt.

"We have been assured by Moy Park's Chief Executive Janet McCollum that their strategic focus remains the same with day to day operations continuing as usual.

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".

Around $50m (£38m) in cost-cutting from Moy Park's new owner "will not come at the expense" of its thousands of workers here, a trade union has warned. It should generate an incremental annual revenue of US$2 billion to Pilgrim's Pride and provide access to over 800 farmers across the UK.

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In June 2015, the company acquired Tyson de Mexico in June 2015 and in January closed on the purchase of GNP Company, a US producer of certified organic, natural, American Humane certified and no-antibiotics ever chicken products.

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