Pilgrim’s Pride Announces Closure of Tulip Limited Acquisition
October 15 2019 - 7:00AM
Pilgrim’s Pride Corporation (Nasdaq: PPC) (“Pilgrim’s” or the
“Company”) today announced the completion of the previously
announced acquisition of Tulip Ltd from Danish Crown. Tulip Ltd
will operate as a business unit within Pilgrim’s.
The transaction was unanimously approved by the Pilgrim’s Board
of Directors and was funded with cash on hand, valuing Tulip Ltd at
£290 million (or approximately $354 million based on a
1.22 exchange rate as of August 27, 2019).
About Pilgrim’s Pride Corporation
Pilgrim’s employs approximately 51,400 people and operates
chicken processing plants and prepared-foods facilities in 14
states, Puerto Rico, Mexico, the U.K., and continental Europe. The
Company’s primary distribution is through retailers and foodservice
distributors. For more information, please visit
www.pilgrims.com.
Forward-Looking Statements
Statements contained in this press release that state the
intentions, plans, hopes, beliefs, anticipations, expectations or
predictions of the future of Pilgrim’s Pride Corporation and its
management are considered forward-looking statements. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. Factors that
could cause actual results to differ materially from those
projected in such forward-looking statements include: matters
affecting the poultry industry generally; the ability to execute
the Company’s business plan to achieve desired cost savings and
profitability; future pricing for feed ingredients and the
Company’s products; outbreaks of avian influenza or other diseases,
either in Pilgrim’s Pride’s flocks or elsewhere, affecting its
ability to conduct its operations and/or demand for its poultry
products; contamination of Pilgrim’s Pride’s products, which has
previously and can in the future lead to product liability claims
and product recalls; exposure to risks related to product
liability, product recalls, property damage and injuries to
persons, for which insurance coverage is expensive, limited and
potentially inadequate; management of cash resources; restrictions
imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes
in laws or regulations affecting Pilgrim’s Pride’s operations or
the application thereof; new immigration legislation or increased
enforcement efforts in connection with existing immigration
legislation that cause the costs of doing business to increase,
cause Pilgrim’s Pride to change the way in which it does business,
or otherwise disrupt its operations; competitive factors and
pricing pressures or the loss of one or more of Pilgrim’s Pride’s
largest customers; currency exchange rate fluctuations, trade
barriers, exchange controls, expropriation and other risks
associated with foreign operations; disruptions in international
markets and distribution channel, including anti-dumping
proceedings and countervailing duty proceedings; and the impact of
uncertainties of litigation as well as other risks described under
“Risk Factors” in the Company’s Annual Report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
Pilgrim’s Pride Corporation undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Contact: |
Dunham Winoto |
|
Director, Investor Relations
Pilgrim's Pride Corporation |
|
IRPPC@pilgrims.com |
|
(970) 506-8192 |
|
www.pilgrims.com |
Pilgrims Pride (NASDAQ:PPC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pilgrims Pride (NASDAQ:PPC)
Historical Stock Chart
From Apr 2023 to Apr 2024