Tyson Foods Successfully Completes Acquisition of AdvancePierre
June 07 2017 - 4:15PM
Tyson Foods, Inc. (NYSE:TSN) has successfully completed the
acquisition of AdvancePierre Foods Holdings, Inc., a move aligned
with Tyson Foods’ strategic intent to sustainably feed the world
with the fastest growing portfolio of protein packed brands.
The company completed a tender offer to buy all the
outstanding shares of common stock of AdvancePierre for $40.25 per
share in cash, without interest. The offer expired at 12:00
midnight at the end of June 6, 2017, and was followed by a merger
of a wholly-owned subsidiary of Tyson Foods into AdvancePierre. The
total value of the transaction was approximately $4.2 billion.
AdvancePierre is a leading national producer of
ready-to-eat lunch and dinner sandwiches, sandwich components and
snacks. Its customers include foodservice, retail and convenience
store providers. AdvancePierre, which employs approximately
4,500 people, generated revenues of $1.6 billion in 2016.
“AdvancePierre is a natural, strategic fit that
will extend our capabilities in new and growing food categories,”
said Tyson Foods President and CEO Tom Hayes. “We expect the
acquisition to immediately contribute to earnings and are also
confident it will result in cost synergy benefits of $200 million
within three years.”
Hayes added that integration teams have been formed
and that the company will remain focused on maintaining high
quality customer service during the transition.
AdvancePierre is now a wholly owned subsidiary of
Tyson Foods and its shares will cease to be traded on the New York
Stock Exchange.
About Tyson Foods Tyson Foods,
Inc. (NYSE:TSN), with headquarters in Springdale, Arkansas, is one
of the world’s largest food companies with leading brands such as
Tyson®, Jimmy Dean®, Hillshire Farm®, Sara Lee®, Ball Park®,
Wright®, Aidells® and State Fair®. It’s a recognized market
leader in chicken, beef and pork as well as prepared foods,
including bacon, breakfast sausage, turkey, lunchmeat, hot dogs,
pizza crusts and toppings, tortillas and desserts. The company
supplies retail and foodservice customers throughout the United
States and approximately 115 countries. Tyson Foods was founded in
1935 by John W. Tyson, whose family has continued to lead the
business with his son, Don Tyson, guiding the company for many
years and grandson, John H. Tyson, serving as the current chairman
of the board of directors. The company currently has approximately
114,000 Team Members employed at more than 400 facilities and
offices in the United States and around the world. Through its Core
Values, Code of Conduct and Team Member Bill of Rights, Tyson Foods
strives to operate with integrity and trust and is committed to
creating value for its shareholders, customers and Team Members.
The company also strives to be faith-friendly, provide a safe work
environment and serve as stewards of the animals, land and
environment entrusted to it.
Forward-Looking Statements Certain
information contained in the press release may constitute
forward-looking statements, such as statements relating to expected
benefits from the acquisition of AdvancePierre Foods Holdings,
Inc., including synergies and accretive earnings. These
forward-looking statements are subject to a number of factors and
uncertainties which could cause our actual results and experiences
to differ materially from the anticipated results and expectations
expressed in such forward-looking statements. We wish to caution
readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made. Among the factors
that may cause actual results and experiences to differ from
anticipated results and expectations expressed in such
forward-looking statements are those factors listed under Item 1A.
“Risk Factors” included in our Annual Report filed on Form 10-K for
the period ended October 1, 2016 and subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
Media Contact:
Gary Mickelson, 479-290-6111, gary.mickelson@tyson.com
Investor Relations Contact:
Jon Kathol, 479-290-4235, jon.kathol@tyson.com
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