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Tyson Foods, announced on August 20 that it has reached a definitive agreement to buy the Keystone Foods business from Marfrig Global Foods for $2.16 billion in cash.
The acquisition of Keystone, a major supplier to the growing global foodservice industry, is Tyson Foods’ latest investment forming part of its growth strategy and expansion of its value-added protein capabilities.
Headquartered in West Chester, Pennsylvania, Keystone supplies chicken, beef, fish and pork to some of the world’s leading quick-service restaurant chains, as well as retail and convenience store channels. Its value-added product portfolio includes chicken nuggets, wings and tenders; beef patties; and breaded fish fillets.
The acquisition includes six processing plants and an innovation centre in the U.S. with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin. (It does not include the beef patty processing plant in Ohio.) It also includes eight plants and three innovation centres in China, South Korea, Malaysia, Thailand and Australia.