Tyson Foods acquires fast food supplier Keystone Foods in $2.16bn deal
Tyson Foods has announced that it will acquire Keystone Foods LLC, a US supplier of chicken nuggets to McDonald’s Corp., in a $2.16bn deal.
Under the deal, Tyson — which is the largest US meat supplier by sales — will gain six processing plants and an innovation centre in the US with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin.
It will also include eight plants and three innovation centres internationally, in China, South Korea, Malaysia, Thailand and Australia.
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Tyson will purchase Keystone Foods from Brazil’s Marfig Global Foods, which bought Keystone in 2010.
Keystone Foods is a supplier of meat protein to fast food restaurants and retail stores globally.
Through the deal, Tyson says it will expand its range of products, grow its international presence, and deliver more value to its foodservice customers.
“This acquisition will expand our international presence and value-added production capabilities and help us deliver more value to our foodservice customers," said Tyson President and CEO Tomy Hayes.
"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.”