Tyson Foods to acquire Keystone Foods for $2.16 billion

21 August 2018, at 12:00am

GLOBAL - Tyson Foods has announced that it will acquire Keystone Foods from Marfig Global Foods for $2.16 billion in cash

Tyson Foods explains in a news release that the acquisition will grow its value-added protein capabilities. Keystone Foods supplies chicken, beef, fish and pork as well as value-added products including chicken nuggets, wings and tenders; beef patties; and breaded fish fillets.

In the release, it's noted that 6 processing plants and a US-based innovation centre with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin will also be part of the acquisition. Plants in China, South Korea, Malaysia, Thailand and Australia are also included.

Growing into Asia

Tyson Foods' CEO Tom Hayes said, "The acquisition will expand our international presence and value-added production capabilities and help us deliver more value to our foodservice customers. Keystone provides a significant foundation for international growth with its in-country operations, sales and distribution network in high growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East and Africa. We look forward to serving customers with these additional capabilities and to welcoming Keystone’s dedicated team members to the Tyson Foods family.”

Click here to read the full news release, information on how to access the conference call and webcast, as well as to view Keystone Foods' financial statement for the year ended 30 June 2018.