Pilgrim’s Pride Corp. announced Tuesday a deal to buy GNP Company, a branded-chicken products provider for the upper midwest, for $350 million in cash.
The deal, which is expected to close in the first quarter of 2017, is expected to add to earnings per share in 2017 and to achieve about $20 million a year in synergies. Pilgrim’s said it believes GNP’s use of innovative technologies, such as gas stunning, aeroscalding and automated deboning, will enhance production efficiencies by increasing the rate of adoption of new technologies in its existing facilities.
“GNP Company boasts outstanding state-of-the-art assets in geographic areas where Pilgrim’s is not currently present, providing Pilgrim’s the opportunity to expand our production and customer bases, while maintaining our high standards for quality service and great-tasting products,” said Pilgrim’s Chief Executive Bill Lovette.
The stock, which was still inactive in premarket trade, has tumbled 19% year to date, while the S&P 500 has gained 7.7%.
Source: MarketWatch
Upon FoodBev Media’s return from Vitafoods 2022 – which took place from 10-12 May in Geneva, Switzerland – the team reflects on the event’s aim to bring together international nutraceutical suppliers and experts from across the globe.
Following a strategic review last year, Mondelēz International is planning to sell its developed chewing gum business, which includes brands Trident and Dentyne. This is in addition to offloading its Halls cough drop brand, as the food giant focuses on generating 90% of revenue in its chocolates and biscuits businesses, including baked snacks.
Givaudan has unveiled NaNino+, a patent-pending combination of plant-based ingredients and natural flavorings that can replace nitrite in processed meat. Designed with natural ingredients, it provides a lasting multi-sensorial food experience with a good taste, color and freshness.
