Meat + Poultry - March 2016 - (Page 11)

BUSINESS NOTES SYSCO APPLIES BRAKES BACHOCO FINALIZES DEAL FOR US PLANT Sysco Corp. has reached an agreement to acquire Brakes Group from Bain Capital Private Equity for approximately $3.1 billion. Brakes Group is a European foodservice distributor with operations in the United Kingdom, Ireland, France, Sweden, Spain, Belgium and Luxembourg. Under terms of the transaction, Sysco said it would repay approximately $2.3 billion of Brakes Group's financial debt. Headquartered in London, Brakes Group will operate as a standalone company within Sysco. The business will continue to be led by CEO Ken McMeikan, with the rest of the company's management team remaining in place. "We look forward to welcoming Brakes Group, its 15,000 employees, and Ken McMeikan and his highly respected leadership team to the Sysco family of companies," said Bill DeLaney, CEO of Sysco. "This transaction will unite Sysco with a leading foodservice distributor in Europe with demonstrated capability to sustainably grow its business over time. Beginning with a common customer-centric mindset, our companies are strategically aligned with compatible cultures and similar business models. We expect to retain key members of Brakes Group's talented leadership team and to experience little distraction from integration given the minimal overlap of the businesses. Sysco's management team remains confident in and committed to achieving our previously announced three-year plan financial objectives." Industrias Bachoco, a leading Mexican producer and processor of poultry and other food products, announced the formal acquisition of a fully cooked chicken product plant from American Foods Group in Oklahoma City, Oklahoma, on Feb. 22. Plans for the transaction were announced Dec. 21, 2015. Officials with OK Foods, a Bachoco subsidiary with facilities in Arkansas and Oklahoma, oversaw a majority of the details of the deal. A release by the company said the transaction was about $8 million, which includes all of the assets at the Oklahoma City facility. The Oklahoma plant produces more than 700,000 lbs. of fully cooked chicken products per week. "Our mission is simple: to help businesses who serve food to thrive, and becoming part of the Sysco family will help us get closer toward achieving that great outcome for our customers, colleagues and suppliers," McMeikan said. "Similar to Sysco's approach, Brakes Group serves thousands of customers across Europe every day, including pubs, restaurants, hotels, hospitals, schools, contract caterers and more. We have continued to flourish in recent years, and the significant investment that has been made in Brakes Group provides us with a very solid platform for further growth as part of Sysco." APPLEGATE ACQUISITION RAISES OPTIMISM AT HORMEL Hormel Foods' acquisition of Applegate Farms this past year has expanded the company's presence in the natural and specialty foods channels. With the release of its first-quarter results on Feb. 16, management said the new business unit is meeting expectations and the company is optimistic about future growth opportunities. What stands out as unique about the acquisition is that Hormel Foods is not integrating the business in a traditional fashion, said Jim Snee, president and chief operating officer, in an interview with Food Business News, a MEAT+POULTRY sister publication, during the Consumer Analyst Group of New York conference that took place in Boca Raton Feb. 16-19.  Rather, Snee said, the two companies are collaborating. "For example, we sent a team of Hormel people to Bridgewater (New Jersey) to get a sense of how they operate," Snee said. "Then we reciprocated and brought an Applegate team to Austin (Minnesota). "There are some functional areas where we have more resources in Austin than they do. R&D is one of them. We have a pilot plant that they don't. Another area is supply chain. They have good supply chain people, but they don't have our expertise." He added that the acquisition has opened new doors for the company. For the first quarter of fiscal 2016, ended Jan. 24, Hormel Foods recorded net earnings of $235,167,000, equal to 44 cents per share on the common stock, and an increase compared with the previous year when firstquarter earnings totaled $172,430,000, equal to 33 cents per share. Sales for the quarter were down from $2,395,073,000 in fiscal 2015 to $2,292,672,000, during the first quarter of fiscal 2016.  www.meatpoultry.com | 03.16 | MEAT+ POULTRY 11 http://www.meatpoultry.com

Table of Contents for the Digital Edition of Meat + Poultry - March 2016

Meat + Poultry - March 2016
CONTENTS
COMMENTARY - A graceful exit
BUSINESS NOTES - SYSCO APPLIES BRAKES
BACHOCO FINALIZES DEAL FOR US PLANT
APPLEGATE ACQUISITION RAISES OPTIMISM AT HORMEL
PILGRIM’S ANNOUNCES $190M EXPANSION PLAN
JBS ANNOUNCES REORGANIZATION
SMITHFIELD PARTNERS FOR CONSERVATION
WASHINGTON - Prioritizing safer poultry
COVER STORY - ACCOMPLISHED
PEDAL TO THE METAL
TOP 100 - CHART TOPPERS
FOOD SAFETY - The results are in
PACKAGING SOLUTIONS - Product improvement
IN-PLANT UPDATE - A LASTING IMPRESSION
INGREDIENT ISSUES - Cleaning up Deli Labels
INDUSTRY LEADER - INNOVATIVE ICON
SMALL BUSINESS MATTERS - 'THE STOLTZHUS WAY'
SHOW PREVIEW - GLOBAL INNOVATION
SANITATION TIPS
CONSEJOS DE SANIDAD
FROM THE CORRAL - GROUP HOUSING SOLUTIONS
SHOWCASE
NAMES IN THE NEWS
CLASSIFIEDS
ADVERTISERS
THE INSIDER

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