Moy Park sold for 1 billion

Wednesday, 13 September 2017

Moy Park sold for 1 billion thumbnail

ONE of Mid-Ulster's biggest employers, the poultry producer Moy Park, has been sold to a major American company for a staggering 1billion.
About 6,300 people work for the company in Dungannon, Craigavon and Ballymena.
The new owner is another major chicken producer, Pilgrim's Pride Corporation, which is headquartered in Colorado.
Pilgrim's Pride Corporation yesterday, Monday, announced that it has acquired Moy Park - one of Northern Ireland's biggest firms, which has its headquarters in Craigavon. It said Moy Park's employee base will remain in place.
It had been owned by Brazilian firm JBS.
Janet McCollum, chief Executive of Moy Park, said the "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.
“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."
Bill Lovette, Pilgrim's chief executive, 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.
“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."
Moy Park, which was founded in 1943, was put up for sale in June by its Brazilian owners JBS, which said the move was part of a wider plan to raise money.


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