UK pork producer Tulip Limited is now a business unit within Pilgrim’s Pride.
The US poultry giant, which also owns Northern Ireland-based Moy Park said its acquisition of Tulip from Danish Crown had now concluded.
The transaction represents the logical next step in our evolution to expand our geographical footprint…” – Jayson Penn, Pilgrim’s global chief executive officer
The transaction was approved unanimously by Pilgrim’s board, and the £290m purchase was funded with cash on hand.
Pilgrim’s employs approximately 51,400 people and operates chicken processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the UK, and continental Europe.
At the time of the sale announcement, Jayson Penn, Pilgrim’s global chief executive officer said:
“The transaction represents the logical next step in our evolution to expand our geographical footprint, enhance our value-added portfolio and reduce volatility across our business with a more stable margin profile.
“Tulip Limited’s integrated production platform, consumer ready innovation capabilities, well-invested assets, established customer relationships and strong leadership team will solidify Pilgrim’s platform for growth in the attractive UK market.”
Pilgrim’s Pride is ultimately owned by JBS, the world’s largest poultrymeat producer.