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...

Pilgrim’s Releases 2018 Sustainability Report

Pilgrim’s Pride Corporation (Nasdaq: PPC) today announced the release of its 2018 Sustainability Report. The interactive digital report provides a comprehensive overview of the company’s recent achievements and progress toward 2020 sustainability goals.

“Our 2018 Pilgrim’s Sustainability Report shares the ways our 55,000 team members and more than 5,400 family farm partners are contributing to environmental, social and economic progress in the U.S., Puerto Rico, Mexico and Europe,” said Pilgrim’s Global President and CEO Jayson Penn. “We are committed to improving the lives of families around the world through high-quality, sustainable food solutions and are focused on long-term success for our business and our stakeholders.”

The 2018 report transparently details Pilgrim’s achievements related to team members, customers and...

Pilgrim's Pride Reports Second Quarter Results

Pilgrim’s Pride Corporation (NASDAQ: PPC) reports second quarter 2019 financial results.

Second Quarter Highlights

• Net Sales of $2.84 billion.
• Net Income of $170.1 million.
• Operating Income margins of 9.8% in U.S., 17.5% in Mexico and 4.5% in Europe operations, respectively.
• Adjusted EBITDA of $349.3 million (or a 12.3% margin), and Adjusted EPS of $0.69.
• U.S. portfolio continues to deliver strong results in our differentiated segments, while more market features and promotional activity of chicken supported better demand in the commodity segment. We continue to evolve our well-balanced portfolio to further...

Tyson says Hog Disease Impact to Linger for Years

Global meat prices are poised to rise after China culled tens of millions of hogs to contain a fast-spreading swine disease, the chief executive of Tyson Foods Inc. said.

The top U.S. meat processing company already is paying higher prices for U.S. hogs and other meat as Chinese buyers crank up purchases, Tyson executives said Monday. In the months ahead, Tyson anticipates higher meat costs for consumers, as well as stronger profits in its own pork, beef and chicken-processing operations.

Noel White, CEO of the Arkansas-based company, said the potential impact of the past year's African swine fever outbreaks was unprecedented, and could lower global meat supplies by 5% at a time when protein consumption is on the rise world-wide...

Pilgrim's Pride Releases First Quarter Results

Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter 2019 financial results.

First Quarter Highlights

• Net Sales of $2.72 billion.
• Net Income of $84.0 million.
• Operating Income margins of 6.1% in U.S., 2.9% in Mexico and 2.5% in Europe operations, respectively.
• Adjusted EBITDA of $204.4 million (or a 7.5% margin), and Adjusted EPS of $0.35.
• Significant sequential rebound in U.S. operations vs. Q4, driven by stronger markets as feature activities tracked much closer to seasonality. Our balanced portfolio has continued to evolve, realizing the results of investments made...

Jayson Penn to Succeed Bill Lovette as Global CEO of Pilgrim’s Pride

Pilgrim’s Pride Corporation (NASDAQ: PPC), a worldwide leader in poultry and prepared foods, today announced that its Board of Directors has approved the appointment of Jayson Penn, current President of Pilgrim’s USA, to succeed Bill Lovette, who is retiring from the position of President and Chief Executive Officer of Pilgrim’s Pride. Lovette will remain available to provide strategic advisory services to the company through July 2020.

“Jayson Penn has enjoyed a distinguished career in the poultry industry and has played an integral role in the success of Pilgrim’s over the last eight years,” said Gilberto Tomazoni, Chairman of the Board of Directors. “Since joining the company in March 2011, Jayson has exemplified the leadership qualities, passion to succeed and business acumen that make him the ideal candidate to ...

Pilgrim's Pride Highlights Chicken, Prepared Foods as Areas for Growth

“In the U.S. we endured a very challenging environment in commodity chicken, slower than expected recovery from weather disruptions at some complexes, partially offset by an improvement in operating results from Prepared Foods. In Europe we improved the performance through expected synergies but were impacted by higher feed inputs as a result of a drought that will be passed to our prices in coming quarters. Our Mexican operations produced a very strong first half, a weaker than seasonal Q3, followed by a rebound in Q4. The diversity of our portfolio of bird sizes, geographical market exposure, our culture and our people, are what fundamentally differentiate us from the competition, giving us the potential to reduce volatility and generate higher margins over time, and the results for 2018 represented the power of that strategy. As we begin 2019, conditions in the U.S. commodity markets including exports are already recovering, supporting OECD-FAO data that over the longer term chicken as a protein will continue to outperform in terms of growth potential globally...

Pilgrim’s Pride Corporation Recalls Breaded Popcorn Chicken Products

Pilgrim’s Pride Corporation, a Mt. Pleasant, Texas establishment, is recalling approximately 58,020 pounds of not-ready-to-eat (NRTE) breaded chicken products that may be contaminated with extraneous materials, specifically rubber, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.

The frozen, not-ready-to-eat (NRTE) breaded chicken items were produced on Jan. 4, 2019. The following product is subject to recall...

Pilgrim’s Teams Up with Kroger to Donate 750,000 Meals to Support Florence Recovery Efforts

GREELEY, Colo.- Pilgrim’s and Kroger today announced a joint partnership to support communities impacted by Hurricane Florence through a donation of 80,000 pounds of Just BARE chicken —Pilgrim’s brand committed to providing good food for more people.

The Pilgrim’s and Kroger teams are proud to lend their support to Hurricane Florence recovery efforts. Partnering with Feeding America, the joint effort will distribute 750,000 meals to families and local communities in the Carolinas recovering from the natural disaster that made landfall on Sept. 14.

“It has been humbling to watch communities come together to support one another in this time of need,” said Felix Turner, Kroger Corporate Affairs Manager. “We are proud to...