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
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
