November 10, 2008
EU approval has been given and now the acquisition of Northern Ireland's poultry processor Moy Park by Brazilian company Marfrig Group has been formally completed.
This acquisition means that Marfrig takes control of Moy Park from parent company OSI Group. As a result OSI becomes a significant shareholder in the GBP1.2 billion (US$1.9 billion) Marfrig Group.
Marfrig's founder and president, Marcos Antonio Molina dos Santos, said that Moy Park will be maintaining its strong commitment to local farming and primary production. It has more than 500 producers supplying chicken in Northern Ireland and England and the company has spent the last six years investing Â£120 million (US$190 million) in its business.
Nigel Dunlop, who took over as managing director of Moy Park in January 2008, added that their plan is to establish Moy Park as the market's premium provider, providing consumers with locally farmed and locally produced food at a price that provides a fair return to them and their hundreds of contract farmers."
Moy Park, headquartered in Northern Ireland with sales of about GBP700 million (US$1.1 billion), employs approximately 7,000 people in its operations there, in England, France and the Netherlands.