Pilgrim’s Pride Announces Closure of Kerry Consumer Foods’ Meats and Meals Acquisition
September 27 2021 - 2:00AM
Pilgrim’s Pride Corporation (Nasdaq: PPC) (“Pilgrim’s” or the
“Company”) today announced the completion of the previously
announced acquisition of Kerry Consumer Foods’ Meats and Meals
business (the “business”) which will operate as a business unit
within Pilgrim’s European operations.
The transaction was unanimously approved by the Pilgrim’s Board
of Directors and was funded with the Company’s recent senior notes
offering and credit facility, valuing the business at £680 million
(or approximately $932 million based on a 1.37 USD/GBP
exchange rate as of September 24, 2021) before working capital
and other customary closing adjustments.
About Pilgrim’s PridePilgrim’s
employs approximately 59,200 people and operates protein processing
plants and prepared-foods facilities in 14 states, Puerto Rico,
Mexico, the U.K. and continental Europe. The Company’s primary
distribution is through retailers and foodservice distributors. For
more information, please visit www.pilgrims.com.
Forward-Looking StatementsStatements contained
in this press release that state the intentions, plans, hopes,
beliefs, anticipations, expectations or predictions of the future
of Pilgrim’s Pride Corporation and its management are considered
forward-looking statements. Without limiting the foregoing, words
such as “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “may,” “plans,” “projects,” “should,” “targets,” “will”
and the negative thereof and similar words and expressions are
intended to identify forward-looking statements. It is important to
note that actual results could differ materially from those
projected in such forward-looking statements. Factors that could
cause actual results to differ materially from those projected in
such forward-looking statements include: the impact of the COVID-19
pandemic, efforts to contain the pandemic and resulting economic
downturn on our operations and financial condition, including the
risk that our health and safety measures at Pilgrim’s Pride
production facilities will not be effective, the risk that we may
be unable to prevent the infection of our employees at these
facilities, and the risk that we may need to temporarily close one
or more of our production facilities; the risk that we may
experience decreased production and sales due to the changing
demand for food products; the risk that we may face a significant
increase in delayed payments from our customers; and additional
risks related to COVID-19 set forth in our most recent Form 10-K
and Form 10-Q filed with the SEC; matters affecting the poultry
industry generally; the ability to execute the Company’s business
plan to achieve desired cost savings and profitability; future
pricing for feed ingredients and the Company’s products; outbreaks
of avian influenza or other diseases, either in Pilgrim’s Pride’s
flocks or elsewhere, affecting its ability to conduct its
operations and/or demand for its poultry products; contamination of
Pilgrim’s Pride’s products, which has previously and can in the
future lead to product liability claims and product recalls;
exposure to risks related to product liability, product recalls,
property damage and injuries to persons, for which insurance
coverage is expensive, limited and potentially inadequate;
management of cash resources; restrictions imposed by, and as a
result of, Pilgrim’s Pride’s leverage; changes in laws or
regulations affecting Pilgrim’s Pride’s operations or the
application thereof; new immigration legislation or increased
enforcement efforts in connection with existing immigration
legislation that cause the costs of doing business to increase,
cause Pilgrim’s Pride to change the way in which it does business,
or otherwise disrupt its operations; competitive factors and
pricing pressures or the loss of one or more of Pilgrim’s Pride’s
largest customers; currency exchange rate fluctuations, trade
barriers, exchange controls, expropriation and other risks
associated with foreign operations; disruptions in international
markets and distribution channel, including anti-dumping
proceedings and countervailing duty proceedings; the risk of
cyber-attacks, natural disasters, power losses, unauthorized
access, telecommunication failures, and other problems on our
information systems; and the impact of uncertainties of litigation
and other legal matters described in our most recent Form 10-K and
Form 10-Q, including the In re Broiler Chicken Antitrust
Litigation, as well as other risks described under “Risk Factors”
in the Company’s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and subsequent filings with the Securities and Exchange
Commission. The forward-looking statements in this release speak
only as of the date hereof, and the Company undertakes no
obligation to update any such statement after the date of this
release, whether as a result of new information, future
developments or otherwise, except as may be required by applicable
law.
Contact: |
Julie Kegley – Financial
ProfilesInvestor Relations IRPPC@pilgrims.comwww.pilgrims.com |
Source: Pilgrim’s Pride Corporation
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