Mexican Commission Approves Sale of Tyson de Mxico
by June 8, 2015 12:00 am 77 views
Mexico’s Federal Economic Competition Commission has approved the sale of Tyson Foods Inc.’s poultry business in Mexico to Pilgrim’s Pride, which is part of a wholly-owned subsidiary of JBS S.A.
The commission, which has been
reviewing the transaction, recently voted to permit the deal to proceed, according to a Tyson news release issued June 1.
Tyson Foods president and CEO Donnie Smith said a closing date for the deal to be completed has not been set, but it should happen quickly.
“We appreciate the attention and efforts of the commission and will now move forward with Pilgrim’s Pride to complete the deal,” Smith said.
Tyson Foods and Pilgrim’s Pride reached a definitive agreement on the sale last July. The Mexican business, known as Tyson de México, is a vertically integrated poultry business based in Gomez Palacio in North Central México. It employs more than 5,400 people in its offices, three plants and seven distribution centers.
After the sale is completed, Tyson Foods will continue to serve customers in Mexico. The company will supply them with U.S.-produced chicken as well as chicken produced in Mexico, in part through a co-packaging arrangement with Pilgrim’s Pride.