EU approval has been given and now the acquisition of poultry processor Moy Park by Brazilian company Marfrig Group has been formally completed.
This acquisition means that Marfrig takes control of Moy Park from parent company OSI Group. As a result OSI becomes a significant shareholder in the £1.2 bln (US$1.9 bln) Marfrig Group.
Marfrig’s founder and president, Marcos Antonio Molina dos Santos, said that Moy Park will be maintaining its strong commitment to local farming and primary production. It has more than 500 producers supplying chicken in Northern Ireland and England and the company has spent the last six years investing £120 mln (US$190 mln) in its business.
“The transaction we announce today gives Moy Park in the future the opportunity to achieve greater scale and competitive edge in an increasingly global marketplace,” he added.
Nigel Dunlop, who took over as managing director of Moy Park in January 2008, added: ” Our plan, already in place, is to establish Moy Park as the market’s ‘Premier Provider’ – this means providing consumers with genuinely high quality, locally farmed and locally produced food at a price that provides a fair return to us and our hundreds of contract farmers.”
Moy Park, headquartered in Northern Ireland with sales of about £700 mln (US$1.1 bln), employs approx. 7,000 people in its operations there, England, France and the Netherlands.