The Northern Ireland-based poultry and prepared meals supplier would provide Pilgrim’s with a platform for growth in Europe, it said, after the deal was revealed today (September 11). Moy Park was sold by its Brazilian parent JBS, after it bought the poultry processor two years ago for £945M.
All of Moy Park’s workers will remain in place, and its management team will continue to lead the business, Pilgrim’s confirmed.
‘Great opportunities for Moy Park’
Moy Park chief executive Janet McCollum said: “This announcement 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 as part of this successful business.
“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. We look forward to this new and exciting phase of Moy Park’s development as we continue to meet and exceed the needs of our customers and consumers, providing fresh, locally-sourced poultry and top quality, innovative products.”
Pilgrim’s board of directors unanimously approved the deal. Acquiring Moy Park would reduce the volatility across its businesses, and would provide it with new opportunities from Moy’s strong presence in prepared foods, it said.
‘Pilgrim’s to become a global player’
Pilgrim’s chief executive Bill Lovette 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.
“Moy Park strengthens Pilgrim’s’ leading portfolio of brands and brings strong value-added innovation capabilities, access to new markets, a best-in-class production platform and strong farmer partner relationships. In addition, Moy Park shares Pilgrim’s long-standing commitment to become the best and most respected company in our industry.”
Pilgrim’s welcomed Moy Park’s team members and management team, and said it looked forward to working closely with them.
The US firm employs about 42,000 workers, and has operations in 14 US states, Mexico and Puerto Rico. Its brands include Pierce Chicken, Pilgrim’s Pride, County Post and Gold Kist.
Moy Park sale – at a glance
- Sold to Pilgrim’s Pride for £1bn
- All workers to remain in place
- Pilgrim’s gains platform for European growth