Marfrig sells Keystone Foods to Tyson for $2.16 billion
21/08/2018
Headquartered in West Chester Pennsylvania, Keystone supplies chicken, beef, fish and pork to leading quick-service restaurant chains and convenience stores.
The acquisition includes six processing plants and an innovation centre in the US. It also includes facilities in China, South Korea, Malaysia, Thailand and Australia.
The transaction does not include a beef patty processing plant in Ohio. This facility, with an annual capacity of 91,000 tonnes, will be added to the portfolio of National Beef, which Marfrig acquired in June. It means the Brazilian group will shift its focus exclusively to beef.
Upon announcing the acquisition, Tom Hayes, president and CEO of Tyson Foods, said: “This 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.”
According to Tyson, Keystone employs approximately 11,000 people and generated revenue of $2.5 billion in the 12 months ending June 30, 2018. Around 65% of this revenue came from its US-based operations, with the rest coming from its Asia-Pacific plants.
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