WASHINGTON (dpa-AFX) - Pilgrim's Pride Corp. (PPC) Thursday said it has agreed to buy Kerry Consumer Foods' meats and meals business in the United Kingdom and Ireland.
The acquisition, which was unanimously approved by Pilgrim's Board of Directors, values the acquired businesses at a 680 million pounds or about $952 million enterprise value.
'We are pleased to have the opportunity to position Pilgrim's as a leading prepared foods and branded products player through the acquisition of Kerry Consumer Foods' Meats and Meals business,' said Fabio Sandri, Pilgrim's' Chief Executive Officer. 'The transaction enhances our value-added portfolio by adding market-leading brands such as Denny, Richmond and Fridge Raiders, which we expect to deliver a higher and more stable margin profile.'
The deal is expected to close in the fourth quarter of this year, including customary conditions.
The combined businesses of meats and meals produced over 725 million pounds in annual sales during the year ended December 31, 2020 and have more than 4,500 team members.
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