Grantham’s Moy Park part of $1.5 billion sale to world’s biggest poultry company
The owners of Moy Park, one of Grantham’s biggest employers, have agreed to sell the poultry processing company to the largest in the world, JBS.
Moy Park employs more than 1,000 people at its Grantham site off Gonerby Road, one of 13 production sites in the UK and Europe.
Brazilian owners Marfrig have agreed to sell the entire Moy Park portfolio to fellow Brazil-based firm JBS in a deal worth $1.5 billion, or £944.7 million.
However a spokesperson for Moy Park said that it was ‘business as usual’ and it is not anticipated that the acquisition will have any impact on employee numbers. As part of the deal, JBS will assume Moy Park’s net debt of £200 million.
While both Marfrig and JBS have agreed to the acquisition, expected to be signed by the end of this year, the transaction remains subject to approval from authorities including European Union competition and antitrust bodies.
Commenting on the announcement, Moy Park CEO Janet McCollum said: “Moy Park is a strong, growing and profitable company and has benefited greatly from being part of Marfrig Global Foods. We are very pleased and encouraged by this development which is great recognition for Moy Park.
“JBS is the second largest global food business and the largest poultry company in the world with a significant poultry presence outside of Europe.
“The Moy Park team, together with our dedicated farming partners, will continue to meet and exceed the needs of our customers and consumers throughout the UK, Ireland and mainland Europe providing innovative, top quality products underpinned by the highest standards of animal welfare.”