Pilgrim's Pride Corporation has purchased the meats and prepared meals division of Kerry Consumer Foods with facilities in Ireland and the U.K. The transaction is valued at $950 million with the acquired company posting 2020 sales slightly in excess of $1 billion. Brands distributed in the UK and Ireland include Richmond, Fridge Raiders, Henry Denny, available through all major food retailers and club stores under both national and customers brands.
In commenting on the purchase, Fabio Sandri, CEO of Pilgrim's Pride stated, "we are pleased to have the opportunity to position Pilgrim's as a leading prepared foods and branded product player. The transaction enhances our portfolio by adding market-leading brands that will deliver a higher and more stable margin profile".