Pilgrim’s Pride Corporation on Tuesday announced a definitive agreement to acquire the GNP company in an all cash $350 million transaction. It is anticipated that the proposed transaction would close during the first quarter of 2017, subject to regulatory review. The proposal has the unanimous support of the Pilgrim’s board of directors as well as the support of JBS S.A., the majority owner of Pilgrim’s, according to a company press release.
GNP has production facilities in Cold Spring and Luverne, Minnesota and Arcadia, Wisconsin and has approximately 400 family farm partners and more than 1,700 employees. GNP products are distributed in nearly all 50 sates under the Just BARE® and Gold’n Plump® brand names.
GNP had previously been acquired by pork producers The Maschhoffs LLC in November 2013.
“GNP Company boasts outstanding state-of-the-art assets in geographic areas where Pilgrim’s is not currently present, providing Pilgrim’s the opportunity to expand our production and customer bases, while maintaining our high standards for quality service and great-tasting products,” said Pilgrim’s Chief Executive officer Bill Lovette.
“The addition of GNP Company’s portfolio of Just Bare® Certified Organic and Natural/American Humane Certified™/No-Antibiotic-Ever (NAE) product lines to Pilgrim’s existing NAE and organic production capabilities further positions Pilgrim’s as a leading provider of high quality products in the fastest growing chicken segments, ” Lovette said. “In addition, GNP Company’s operational competencies and use of innovative technologies, including gas stunning, aeroscalding and automated deboning, will enable Pilgrim’s to significantly increase the rate of adoption of new technoloiges in existing facilities, enhancing the company’s production efficiencies and operational excellence,” according to Lovette.
“Today’s announced is a clear demonistration of Pilgrim’s commitment to our growth strategy of disciplined acquistions that enhance both our portfolio of value-added products and our ability to provide key customers with the high quality products demanded by consumers,” Lovette said.
