Pilgrim's Pride buys poultry supplier for $1 billion

Pilgrim's Pride buys poultry supplier for $1 billion

Chamber Articles Category: Industry News Post Date: 09/11/17 Source: Reuters By: Vibhuti Sharma and Shounak Dasgupta
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Pilgrim’s Pride Corp (PPC.O), a U.S. based chicken processor, said on Monday it bought poultry supplier Moy Park from Brazil’s JBS SA (JBSS3.SA) in a deal valued at about $1 billion.

JBS is rushing to sell assets worth $1.8 billion to help its holding company, J&F Investimentos SA, pay a big fine after becoming embroiled in sweeping graft probes that ensnared Brazilian politicians and executives.

Moy Park supplies 25 percent of chicken consumed in western Europe, according to its website. It is one of Britain’s top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland. Read Full Article