Tyson Foods, Inc. has completed the acquisition of AdvancePierre Foods Holdings, Inc. in a transaction valued at approximately $4.2 billion, the company said June 7. The deal was first announced in April.
Based in Cincinnati, AdvancePierre manufactures ready-to-eat sandwiches, entrees and snacks. The company employs approximately 4,500 and generated revenues of $1.6 billion in 2016. The acquisition is expected to strengthen Tyson Foods’ position in the market for prepared foods. Through its Hillshire Brands acquisition, Tyson already owns such brands as Hillshire Farm, Jimmy Dean and Ball Park.
“AdvancePierre is a natural, strategic fit that will extend our capabilities in new and growing food categories,” said Tom Hayes, president and chief executive officer of Tyson Foods. “We expect the acquisition to immediately contribute to earnings and are also confident it will result in cost synergy benefits of $200 million within three years.”
Tyson Foods completed a tender offer to buy all outstanding shares of common stock of AdvancePierre for $40.25 per share in cash without interest. Now a wholly owned subsidiary of Tyson Foods, AdvancePierre’s shares will cease to be traded on the New York Stock Exchange.
By Monica Watrous
Source: Food Business News
The company expects to eliminate 1.2 billion tons carbon dioxide equivalent of methane emissions by the end of the decade. The company says that it already reduced its methane emissions by around 14% between 2018 and 2020.
The “first-of-its-kind” pilot project will develop and demonstrate an affordable modular bioprocessing system to produce biodegradable bioplastics from food waste diverted from landfills. The three-year grant will test the scalability and feasibility of the conversion on a national and global scale.
Arkeon is allying with specialty mineral giant ICL to support the scaling of its fermentation bioprocess that converts CO2 into the 20 proteinogenic essential amino acids needed in human nutrition. The process, hailed as carbon negative, is based on the use of archaea, a group of microorganisms that naturally feeds off the greenhouse gas.