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Moy Park becomes part of the Pilgrims Pride Corporation

11 September 2017

Pilgrim’s Pride Corporation has acquired Moy Park, the poultry and prepared foods supplier with operations in the United Kingdom and Europe, for approximately £790 million. 

Commenting on the acquisition, Bill Lovette, Pilgrim’s chief executive officer, said: “We are pleased to announce the acquisition of Moy Park, which will position Pilgrim's to become a global player, with an improved and more stable margin profile on the chicken business and an expanded portfolio of prepared foods,” said. “Following our successful acquisitions of GNP and the assets in Mexico, Moy Park represents a logical next step in the evolution of our geographical and brands footprint. 

“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. We will have new business opportunities through the addition of Moy Park’s fully integrated poultry production platform and its strong presence in prepared foods.”

The acquisition of Moy Park will strengthen Pilgrim’s’ portfolio of brands and adds a variety of value-added innovation capabilities, access to new markets, and strong farmer partner relationships. 

Janet McCollum, chief executive of Moy Park, said: “This is a positive development for Moy Park and all our colleagues employed across the business. Pilgrim’s is one of the leading chicken producers in the world with a proven track record and we see great opportunities for Moy Park. Joining Pilgrim’s gives us the opportunity to accelerate our growth plans, share best practices and leverage Pilgrim’s expertise and operational excellence. Moy Park will provide Pilgrim’s with a platform for growth in Europe as well as access to innovation and increased exposure to prepared foods.”

Pilgrim's expects to achieve approximately $50 million in annualised synergies over the next two years, primarily from the optimisation of sourcing and production, and cost savings in purchasing, production, logistics and selling, general and administrative expenses.


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