Pilgrim's Pride Acquires Moy Park from JBS
USAgNet - 09/12/2017
Pilgrim's Pride Corporation announced that it has acquired Moy Park, a leading poultry and prepared foods supplier with operations in the United Kingdom and Continental Europe, from JBS S.A., in a transaction valuing the equity interest of Moy Park at
approximately $1.0 billion.
The transaction was unanimously approved by a Special Committee of the Pilgrim's Board of Directors. Comprised entirely of independent equity directors elected to the Board by a vote controlled by the shareholders unaffiliated with JBS S.A., the Special
Committee was delegated the full authority of the Pilgrim's Boards of Directors with respect to the transaction.
"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 Bill Lovette,
Pilgrim's Chief Executive Officer.
Both Moy Park and Pilgrim's have a long heritage in agriculture and poultry production going back over 70 years.