Meat+Poultry - July 2017 - 10

BUSINESS NOTES

TYSON COMPLETES PURCHASE
OF ADVANCEPIERRE
Tyson Foods Inc. announced the
completion of the company's
acquisition of AdvancePierre Foods
Holdings Inc. Meanwhile, shareholders
contesting the merger are proceeding
with legal actions.
Tyson Foods completed a tender
offer to buy all the outstanding
shares of AdvancePierre common
stock for $40.25 per share in cash,
without interest. The total value of the
transaction was approximately $4.2
billion. AdvancePierre is now a wholly
owned subsidiary of Tyson Foods, and
its shares
will cease
to be traded
on the New
York Stock
Exchange.
Tyson
Foods
President
and CEO
Tom Hayes
Tom Hayes
said that
integration
teams have been formed and that Tyson
will remain focused on maintaining
high-quality customer service during
the transition.  
"AdvancePierre is a natural,
strategic fit that will extend our
capabilities in new and growing food
categories," Hayes said in a statement.
"We expect the acquisition to
immediately contribute to earnings and
are also confident it will result in cost
synergy benefits of $200 million within
three years."

JBS SA NAMES NEW BOARD
MEMBER, SELLS OPERATIONS
JBS SA, the world's largest meat
packer, appointed Gilberto Xandó
to the company's board of directors.
Xandó replaces Joesley Batista, who
resigned from the board on May 26.
"I am pleased to welcome Gilberto
Xandó to our board," JBS Chairman

10

MEAT+ POULTRY | 07.17 | www.meatpoultry.com

Tarek Farahat said in a statement. "His
reputation and experience in the food
industry and expertise in trade and
finance will be invaluable assets as we
work to rebuild trust in our business."
Xandó currently is the CEO of
Vigor, a position he has held since
2011. Vigor specializes in value-added
dairy products. Before joining Vigor,
he was a senior executive at Natura
Brasil and Sadia SA where he spent
20 years serving in various roles,
including finance, marketing, sales and
international growth and development.
Joesley Batista admitted in court
documents that he made illegal
payments to Brazil's current and former
presidents. His brother, Wesley Batista,
stepped down as vice chairman of the
board, but continues in his role as CEO
of JBS SA.
In other news, JBS SA has inked
a deal to sell its beef operations in
Argentina, Paraguay and Uruguay
to Pul Argentina SA, Frigomerc SA
and Pulsa SA, respectively, for a
total of $300 million. The companies
are controlled by Minerva SA. The
transaction was unanimously approved
by the company's board of directors
and is subject to regulatory approvals,
including antitrust authorities,
according to JBS.

"Gilberto Xandó's
reputation and
experience in the food
industry ... will be
invaluable assets as
we work to rebuild
trust in our business."
- TAREK FARAHAT

"The company intends to use the
proceeds from the sale to reduce
its financial leverage," JBS said in a
news release announcing the sale.
"The acquisition price is subject
to adjustments equivalent to the
difference between net working capital
and long-term debt at the closing date,

which, on March 31, 2017, was positive
at approximately US$40 million."

CARL BUDDIG PURCHASES
RUPARI FOOD SERVICES
Carl Buddig & Co., Homewood, Illinois,
announced its acquisition of the
assets of Rupari Food Services, South
Holland, Illinois, on June 14. Before
the sale, Rupari Food Services was a
producer of branded and private label,
restaurant-quality barbecued meats,
ribs and heat-and-serve offerings.
In April, the two sides came to
an agreement of purchase, which
came after Rupari Food Services and
its parent company, Rupari Holding
Corp., filed voluntary petitions for
reorganization under Chapter 11 in
Wilmington, Delaware.
"Acquiring the assets of Rupari
makes good business sense for Buddig
as we expand our portfolio of fresh,
great-tasting, affordable meats. It gives
us immediate access to an attractive
pre-cooked BBQ segment and allows
us to strategically grow our nationwide
footprint," said Bob Buddig, CEO of
Carl Buddig and Company. "We are
excited to welcome a team of more
than 200 experienced and dedicated
employees to the existing Buddig
family of employees."
For a limited period, Buddig will
continue production and sales of Tony
Roma's branded ribs and BBQ entrees
to ensure continuity of supply and meet
retailer and consumer demand. The
company will also continue offering its
Butcher's Prime brand to customers.
"Buddig prides itself on outstanding
customer relationships that stand the
test of time," Buddig said.
Production will continue in the
South Holland facility formerly
occupied by Rupari. Buddig worked
extensively with Rupari to ensure a
seamless transition between their
employees and the new operations.
The purchase of Rupari will bring
Carl Buddig's Illinois-based workforce
to more than 1,500 employees.
http://www.meatpoultry.com
Meat+Poultry - July 2017

Table of Contents for the Digital Edition of Meat+Poultry - July 2017
