SPRINGDALE, Ark., June 1, 2015 (GLOBE NEWSWIRE) -- Mexico's Federal Economic Competition Commission has approved the sale of Tyson Foods, Inc.'s (NYSE:TSN) poultry business in Mexico to Pilgrim's Pride, which is part of a wholly-owned subsidiary of JBS SA (BM&FBovespa – Novo Mercado:JBSS3) (OTCQX:JBSAY).
The commission, which has been reviewing the transaction, recently voted to permit the deal to proceed.
"We appreciate the attention and efforts of the Commission and will now move forward with Pilgrim's Pride to complete the deal," said Tyson President and CEO Donnie Smith. "We've not set a closing date but believe it will be soon."
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.
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN), with headquarters in Springdale, Arkansas, is one of the world's largest producers of chicken, beef, pork and prepared foods that include leading brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Sara Lee® frozen bakery, Ball Park®, Wright®, Aidells® and State Fair®. The company was founded in 1935 by John W. Tyson, whose family has continued to lead the business with his son, Don Tyson, guiding the company for many years and grandson, John H. Tyson, serving as the current chairman of the board of directors. Tyson Foods provides a wide variety of protein-based and prepared foods products and is the recognized market leader in the retail and foodservice markets it serves, supplying customers throughout the United States and approximately 130 countries. It has approximately 124,000 Team Members employed at more than 400 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson Foods strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
CONTACT: Gary Mickelson, 479-290-6111, firstname.lastname@example.org
Source:Tyson Foods, Inc.