Pilgrim’s Pride Corp. will acquire the meats and meals business of Kerry Consumer Foods in the U.K. and Ireland. Following the acquisition, Pilgrim’s will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands, according to the company. Kerry's offerings include branded and private label meats, meat snacks, and food-to-go products, as well as ethnic chilled and frozen ready meals.
“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, chief executive officer of Pilgrim's, in a 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.”
The acquisition is expected to close in the fourth quarter of 2021.
“Pilgrim’s has agreed to acquire a leader in convenience foods solutions that sells into a wide breadth of channels and customers, a portfolio of innovative and market-leading brands, and a strong team of dedicated people,” said Nick Robinson, Kerry Consumer Foods’ chief executive officer, in a statement. “Our companies share a rich heritage in food production with aligned values that put people and customers at the heart of all we do. We look forward to working with our new colleagues to build upon the fantastic progress of these businesses and realize our combined growth opportunities as we enter an exciting new phase.”
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Image: Pilgrim's Pride