Tyson Foods, Inc., Springdale, Ark., reached a definitive agreement to buy the Keystone Foods business from Marfrig Global Foods for $2.16 billion to expand Tyson’s value-added protein capabilities.
Keystone, West Chester, Pa., supplies chicken, beef, fish and pork to 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 center 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 centers in China, South Korea, Malaysia, Thailand and Australia.
“Keystone is a leading global protein company and will be a great addition to Tyson Foods,” says Tom Hayes, president and CEO of Tyson Foods. “This acquisition will expand our international presence and value-added production capabilities and help us deliver more value to our foodservice customers. Keystone provides a significant foundation for international growth with its in-country operations, sales and distribution network in high-growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East and Africa. We look forward to serving customers with these additional capabilities, and to welcoming Keystone’s dedicated team members to the Tyson Foods family.”
Keystone employs approximately 11,000 people.