Pilgrim's Pride Purchases Poultry Supplier Moy Park for $1.3 Billion
Pilgrim's board unanimously approved the purchase.
Prepared chicken products distributor Pilgrim's Pride Corp. (PPC) - Get Report announced the purchase of poultry product supplier Moy Park for $1.3 billion. The purchase was unanimously approved by a special committee of Pilgrim's board.
"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.
Moy Park was founded in Northern Ireland in 1943 and is one of the U.K's top 10 food company's with more than 800 farmers across the U.K. processing more than 5.7 million birds per week.
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