American multinational corporation, Tyson Foods has signed an agreement to acquire Keystone Foods from Marfrig Global Foods for about $2.16 billion in cash, according to sources.
Brazil’s Marfrig Global Foods, the seller, is a leading global protein company, supplying nuggets to McDonald’s Corp, with a revenue of $2.5 billion during last year.
The acquisition includes six facilities and an innovation centre in the USA as well as eight plants and three innovation centres in countries like South Korea, Malaysia, Australia and Thailand.
“This acquisition will expand our international presence and value-added production capabilities and help us deliver more value to our foodservice customers,” said Tom Hayes, president and CEO of Tyson Foods. “Keystone provides a significant foundation for international growth with its in-country operations, sales and distribution network in high growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East and Africa.”
The acquisition is Tyson’s largest since they bought AdvancePierre for $4.2 billion in 2017.
The transaction is expected to be closed in 2019.