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Pilgrim’s to Acquire Tulip Limited, Creating Integrated Prepared Foods Leader in Europe
Pilgrim’s Pride Corporation today announced that it has signed a contract to acquire Tulip Limited, a leading, integrated prepared foods supplier with 12 fresh and value-added operations in the United Kingdom, from Danish Crown. The transaction solidifies Pilgrim’s as a leading European food company, creating one of the largest integrated prepared foods businesses in the UK with a portfolio of brands and retail private label solutions.
The transaction, unanimously approved by Pilgrim’s Board of Directors and funded with cash on hand, values Tulip Limited at £290 million (or approximately $354 million based on a 1.22 exchange rate as of August 27, 2019). The purchase amount represents 5.4x implied expected EBITDA.
“We are pleased to strengthen our European foods platform with the acquisition of Tulip Limited, which positions Pilgrim’s as a leading global prepared foods player,” said Jayson Penn, Pilgrim’s global chief executive officer. “The transaction represents...
Pork Quarterly Q3 2019: Disease and Trade Issues are Jointly Changing the Global Market
Rising disease pressures are challenging the global market. Specifically, African swine fever (ASF) continues to threaten the global pork market, not only by causing a production drop in Asian countries, but also adding uncertainty to trade and production prospects in other parts of the world. While China’s pork prices have started to move higher, production responses in the rest of the world appear cautious. Other factors, including disease management and weather, are hindering production in Europe and Brazil. The resumption of Sino-US trade negotiations is a positive development, implying a chance for China to review tariffs on US pork imports.
China: Pig Herd Losses Growing
ASF continues to spread in China, with new cases mainly reported in South China. Live hog prices are finally...
Beyond Meat Partners with Zandbergen to Launch Production in Europe
Beyond Meat announced a partnership with Zandbergen World's Finest Meats to produce its plant-based meats at a facility in Europe. The companies expect the facility to be up and running by 2020.
This will mark the first time Beyond Meat will hold production outside of the United States. The new space will allow Beyond Meat to quickly distribute their products to Europe while shrinking their transportation footprint.
“The consumer response in Europe has been very positive and we look forward to being able to better serve those customers..."
More Wild Boars Detected in Belgium with African Swine Fever in April and May
According to the World Organization of Animal Health (OIE), Belgium reported 18 cases of individual wild boar inflicted with African Swine Fever between April 16th and May 10th 2019. All cases were reported and resolved, meaning the affected animals were culled, on the same day. These were the first reported ASF cases in Belgium since September 2018. Belgium continues to be the Western-most European nation afflicted with ASF.
Nestled between France and Germany, these outbreaks present a very real concern for the...
BFREPA Finds Gross Imbalance in Egg Supply Contracts
The British Free Range Egg Producers Association is seeking to reform supply contracts between farmers and packers after lawyers found terms of agreements are grossly imbalanced in favour of buyers.A team of legal experts from Birketts LLP examined contracts provided by producers and found numerous areas requiring improvement.They include pricing and payment terms – which vary massively between agreements – and termination which, in some cases, is weighted entirely towards packers.BFREPA chief executive Robert Gooch has today opened up a dialog with 41 packers outlining the organisation’s areas of concern and asking for ...
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