Leading US poultry firm Pilgrim’s Pride has announced a definitive agreement to acquire GNP Company, a provider of branded chicken products in the Upper Midwest region of the USA, in an all cash, $350 million transaction.
GNP Company has production facilities in Cold Spring and Luverne, MN, and Arcadia, WI, approximately 400 farm partners and more than 1,700 staffs. GNP Company’s products, including fresh chicken, meatballs and sasuage, are distributed in nearly all 50 states under the Just Bare and Gold’n Plump brand names.
Commenting on the deal, Pilgrim’s Pride CEO Bill Lovette said: “The Pilgrim’s team is excited to combine the collective strengths of Pilgrim’s Pride and GNP Company. GNP Company boasts outstanding state-of-the-art assets in geographic areas where Pilgrim’s is not currently present, providing Pilgrim’s the opportunity to expand our production and customer bases, while maintaining our high standards for quality service and great-tasting products”.
The firm added that it anticipated the transaction closing during the first quarter of 2017, subject to regulatory review and approval and customary closing conditions.
Source: Pilgrim’s Pride (via Globe Newswire)