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Pilgrim’s Pride buys Northern Ireland’s Moy Park in deal valued at US$1.3bn

Pilgrim’s Pride said the purchase was funded via a combination of cash, existing credit facilities and debt
Pilgrim’s Pride buys Northern Ireland’s Moy Park in deal valued at US$1.3bn
The firm expects to achieve about US$50mln in synergies annually over the next two years. Pictured: chickens

Pilgrim’s Pride Corp (NYSE:PPC) said on Monday that it has bought over Northern Ireland’s Moy Park in a deal valued at US$1.3bn.

In a statement, the company said it expects to achieve about US$50mln in synergies annually over the next two years following the purchase of the poultry and prepared foods supplier.

The acquisition is expected to immediately add to its earnings.

Acquisition to give stronger foothold into Europe

Pilgrim’s Pride said the purchase was funded via a combination of cash, existing credit facilities and debt.

The purchase of the Northern Ireland company is expected to open the door further into Europe.

Moy Park handles 5.7 mln birds each week. It has a total of 13 processing plants across the UK, Ireland, France and the Netherlands.

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