Smithfield Foods Completes Acquisition of Pini Group's Packaged Meats Companies
1.6.2017 14:00 | NASDAQ OMX
SMITHFIELD, Va., June 01, 2017 (GLOBE NEWSWIRE) -- Today, Smithfield Foods, Inc. announced the completion of its acquisition of Pini Group's packaged meats companies in Poland. These companies will be operated by Animex Foods, one of the largest food producers in Poland and part of Smithfield Poland, which is owned by Smithfield Foods. The acquisition includes Pini Polska, a meat processing and packaging plant; Hamburger Pini, a case ready meat plant; and Royal Chicken, an investment project currently in development.
"This acquisition aligns with Smithfield's strategic growth plans by strengthening our vertically-integrated supply chain in Poland and increasing our production of high-quality packaged meats products. It also capitalizes on existing opportunities for us to expand in areas with very attractive market dynamics and to develop scale over time," said Kenneth M. Sullivan, president and chief executive officer of Smithfield Foods. "This is a win-win for Smithfield, as well as Poland's agricultural industry. This move will help the Polish meat industry become more competitive across European and international markets."
Smithfield Poland will now employ nearly 9,240 people, including approximately 240 former Pini employees, which will solidify the company's position as the largest employer in the Polish food industry.
The closing followed approval from the Office of Competition and Consumer Protection (UOKiK) in Poland and completion of due diligence. As per the agreement, transaction details such as purchase price and terms will not be disclosed.
About Smithfield Poland
Smithfield Poland operates Polish food companies including Animex Foods, Agri Plus and Agri Plus Feed. Employing 9,000 people and working with more than 2,300 hog farmers, Smithfield Poland controls the entire food production process "from farm to fork." Smithfield Poland is owned by Smithfield Foods, Inc., which is a subsidiary of WH Group, a Hong Kong-based and publicly traded company with shareholders around the world.
About Smithfield Foods
Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield(R), Eckrich(R), Nathan's Famous(R), Farmland(R), Armour(R), John Morrell(R), Cook's(R), Kretschmar(R), Gwaltney(R), Curly's(R), Margherita(R), Carando(R), Healthy Ones(R), Krakus(R), Morliny(R) and Berlinki(R). Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental and food safety and quality programs. For more information, visit www.smithfieldfoods.com.
Smithfield Foods, Inc.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Smithfield Foods, Inc. via Globenewswire
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