Pilgrim’s Pride Corporation is acquiring European poultry supplier Moy Park in a transaction valued at $1.3 billion, the Greeley, CO-based firm announced Monday.
A U.S. subsidiary of Brazilian conglomerate JBS S.A. – the world’s largest meatpacking company – Pilgrim’s Pride is purchasing the Northern Ireland-based firm from its parent company
“Following our successful acquisitions of GNP and the assets in Mexico, Moy Park represents a logical step in the evolution of our geographical and brands footprint,” said Bill Lovette, chief executive officer of Pilgrim’s, in a statement. “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.”
Founded in 1943 in Northern Ireland, Moy Park’s 13 processing plants in the UK, Ireland, France, and the Netherlands have a combined capacity of 5.7 million birds/wk. The firm primarily serves European and UK restaurant chains and food retailers.
“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,” said Janet McCollum, chief executive officer of Moy Park, in a Pilgrim’s press release.
Pilgrim’s Pride said it expects to bring in $50 million in synergies per year over the next two years as a result of the deal.