Grantham’s Moy Park sold for one billion pounds
One of Grantham’s biggest employers has been sold to a US firm in a major £1 billion deal.
The UK’s largest poultry producer Moy Park, which employs more than 1,000 people at its Grantham site off Gonerby Road, has been bought by US leading chicken producer Pilgrim’s Pride Corporation, which is headquartered in Colorado.
Founded in 1943, Moy Park was put up for sale in June by its Brazilian owners JBS, which said the move was part of a wider plan to help it become “a global player” in the market.
In a statement announcing the acquisition, the new owners said; “Moy Park’s employee base will remain in place”.
Chief Executive of Moy Park Janet McCollum said: “The announcement is a positive development for Moy Park and all our colleagues employed across the business.
“Pilgrim’s is one of the leading chicken producers in the world with a proven track record and we see great opportunities for Moy Park as part of this successful business.
“Joining Pilgrim’s gives us the opportunity to accelerate our growth plans, share best practices and leverage Pilgrim’s expertise and operational excellence.”
Pilgrim’s chief executive Bill Lovette said the acquisition will strengthen the company’s portfolio and give an improved and more stable margin profile on the chicken business.
Moy Park has a significant workforce in Great Britain and supplies chicken and other food products to supermarkets across Europe.