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Pilgrim´s Pride Corporation Acquiring Tulip For £290 Million

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Pilgrim´s Pride Corporation Acquiring Tulip For £290 Million

Pilgrim´s Pride Corporation Acquiring Tulip For £290 Million
August 30
10:17 2019

US-based Pilgrim’s Pride Corporation, which already owns Moy Park, a leading poultry and prepared foods processor in the UK and Continental Europe, is acquiring Tulip Ltd from Danish Crown, which is Europe’s largest pork processor. Tulip Ltd is the largest pig producer in the UK with 12 fresh and value-added operations and annual sales of nearly £1 billion. The company provides a variety of high-quality, innovative products to retail and foodservice customers, utilizing an integrated supply chain with accountability and traceability.

Pilgrim’s employs more than 51,400 people and operates chicken processing and prepared foods facilities in 14 US states, Puerto Rico, Mexico, the UK and continental Europe. The transaction solidifies Pilgrim’s as a leading European food company, creating one of the largest integrated prepared foods businesses in the UK with a portfolio of brands and retail private label solutions. The deal, funded with cash on hand, values Tulip Ltd at £290 million.

Jayson Penn.

“We are pleased to strengthen our European foods platform with the acquisition of Tulip Limited, which positions Pilgrim’s as a leading global prepared foods player,” says Jayson Penn, Pilgrim’s global chief executive officer. “The transaction represents the logical next step in our evolution to expand our geographical footprint, enhance our value-added portfolio and reduce volatility across our business with a more stable margin profile. Tulip Limited’s integrated production platform, consumer ready innovation capabilities, well-invested assets, established customer relationships and strong leadership team will solidify Pilgrim’s platform for growth in the attractive UK market.”

“Pilgrim’s is acquiring an industry-leading farming operation, a strong team of dedicated people and a network of well-invested manufacturing sites,” says Andrew Cracknell, chief executive of Tulip Ltd. “Our companies share a rich heritage in agriculture and food production with aligned values that put people and customers at the heart of all we do.”

“Pilgrim’s is already strongly positioned within the UK chicken market and would like to strengthen its position within the market for pork. On our part, we want to simplify our UK business. Going forward we will supply Danish pork to Pilgrim’s, so all in all the transaction holds out interesting perspectives for both parties,” explains Jais Valeur, group chief executive of Danish Crown.

Under terms of the agreement, Danish Crown will continue to supply Danish pork to Tulip Ltd under a long-term supply agreement, allowing Tulip Ltd to continue to provide the highest quality products from continental European producers to customers and consumers.

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