Brazil's Marfrig buys O'Kane Poultry

Marfrig Alimentos signed a deal today, May 26, to take over Northern Ireland's O'Kane Poultry for GBP 26 million (US$37 million) through its local subsidiary Moy Park, a food processor.

Moy Park's CEO Nigel Dunlop noted that the deal would create opportunities for market development and will give the company access to the turkey meat sector. The company said it would pay for the acquisition in two instalments, with the second payment in June 2011.

O'Kane Poultry ended 2009 with a revenue of GBP 132 million (US$189.85 million).

The Brazilian meat processing company's gross revenue was BRR3.4 billion (US$1.83 billion), up 26% and 40%, respectively, on Q4 2009 and Q1 2009.

Marfrig recorded net income of BRR 41.7 million (US$22.61 million), reversing the loss of BRR 38.2 million (US$20.71 million) recorded in Q1 2009 and reducing by 62.7% from the BRR 111.7 (US$60.56 million) million recorded in Q4 2009.