Business
Pilgrim’s Pride Announces Closure of Kerry Consumer Foods’ Meats and Meals Acquisition
GREELEY, Colo., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (Nasdaq: PPC) (“Pilgrim’s” or the “Company”) today announced the completion of
About this update from Pilgrim's Pride Corporation
[{"type":"text","content":"GREELEY, Colo., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (Nasdaq: PPC) (“Pilgrim’s” or the “Company”) today announced the completion of the previously announced acquisition of Kerry Consumer Foods’ Meats and Meals business (the “business”) which will operate as a business unit within Pilgrim’s European operations. The transaction was unanimously approved by the Pilgrim’s Board of Directors and was funded with the Company’s recent senior notes offering and credit facility, valuing the business at £680 million (or approximately $932 million based on a 1.37 USD/GBP exchange rate as of September 24, 2021) before working capital and other customary closing adjustments. About Pilgrim’s PridePilgrim’s employs approximately 59,200 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K. and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com. Forward-Looking StatementsStatements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the impact of the COVID-19 pandemic, efforts to contain the pandemic and resulting economic downturn on our operations and financial condition, including the risk that our health and safety measures at Pilgrim’s Pride production facilities will not be effective, the risk that we may be unable to prevent the infection of our employees at these facilities, and the risk that we may need to temporarily close one or more of our production facilities; the risk that we may experience decreased production and sales due to the changing dem...