“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, the CEO of Pilgrim’s, 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.” The sale is valued at approximately $952 million.
The sale is expected to close in the fourth quarter of 2021.
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.
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