- June 19, 2021
- Posted by: Stratford Team
- Category: Business
Pilgrim’s Pride Corp. (NYSE: PPC) has purchased the Meats and Meals business of Kerry Consumer Foods in the United Kingdom and Ireland, it announced Thursday in a news release.
The sale is valued at approximately $952 million.
“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’ CEO, in a prepared statement. “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.”
Kerry Meats and Kerry Meals are among the leading meat and meat snack businesses in the U.K., having produced approximately $1 billion in sales during 2020 with more than 4,500 employees, according to the news release.
The sale is expected to close in the fourth…
