SPRINGDALE, Ark., June 3, 2013 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN) continues to accelerate the strategic expansion of its value-added foods portfolio with the acquisition of the assets of Circle Foods, LLC, a producer of frozen and refrigerated handheld Mexican foods, uncooked tortillas and Indian flatbreads, from Claridge, officials of both companies announced today.
California-based Circle Foods has been in business for 25 years and is known for branded products that include NUEVO GRILLE® and TORTILLALAND® handheld Mexican products, TORTILLALAND® uncooked tortillas and ROTILAND® Indian flatbreads. The company, which operates a state-of-the-art plant in San Diego, also produces private label products for various customers.
Terms of the acquisition, which was completed June 1, were not disclosed. Tyson Foods does not plan any significant operational changes and intends to keep the existing Circle Foods management and production team in place to grow the business. The operation currently has approximately 600 full-time employees.
"Claridge and the Circle Foods team have developed an outstanding portfolio of products and customers, with a fantastic plant and workforce, and will be an excellent fit within our branded consumer products group," said Donnie Smith, president and CEO of Tyson Foods. "We believe Tyson's robust sales structure, as well as our frozen and refrigerated foods distribution system, will enable this business to accelerate its growth."
"We are delighted to see the transition of Circle Foods to Tyson Foods, who are committed to continue the growth of the business. Right from the beginning when we met the Tyson people and organization we knew we had an excellent partner we could work with on this transaction," said Stephen Bronfman, executive chairman of Claridge. "We are confident that Circle Foods will flourish under Tyson's ownership."
Circle Foods' 159,000 square foot facility in San Diego was built in 2008 and has been recognized for its outstanding food safety management system. The plant produces burritos, chimichangas, enchiladas, quesadillas, tacos and tamales, as well as tortillas and Indian flat breads. More information about Circle Foods is available at CircleFoods.com.
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN), with headquarters in Springdale, Arkansas, is one of the world's largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company was founded in 1935 by John W. Tyson, whose family has continued to be involved with son Don Tyson leading the company for many years and grandson John H. Tyson serving as the current Chairman of the Board of Directors. Tyson Foods produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. The company provides products and services to customers throughout the United States and approximately 130 countries. It has approximately 115,000 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.
About Claridge Inc.
Claridge, Inc. is an investment firm headquartered in Montreal, Quebec. The firm represents the interests of the Stephen Bronfman family and is actively involved in the management of a diverse portfolio of third-party managed investments, as well as direct equity participations in the food industry (Plats Du Chef, Montreal Canada and La Terra Fina, Union City California), real estate and entertainment sectors.
This release includes forward-looking statements as well as historical information. These forward-looking statements may include statements relating to anticipated sales growth and other benefits related to the described acquisition. Actual results may vary. Factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: consumer demand and perceptions; the availability of raw materials; customer requests and requirements; and the ability to compete in products and prices in a competitive industry.
Source:Tyson Foods, Inc.