DENVER BUSINESS JOURNAL - A Colorado chicken giant said it's expanding its national footprint with the purchase of a big Upper Midwest chicken company.
Pilgrim's Pride Corp. (NYSE: PPC) of Greeley said it's buying GNP Company of St. Cloud, Minnesota in an all-cash deal for $350 million.
The deal "is a clear demonstration of Pilgrim’s commitment to our growth strategy of disciplined acquisitions that enhance both our portfolio of value-added products and our ability to provide key customers with the high quality products demanded by consumers,” said Bill Lovette, Pilgrim's CEO, in a statement.
GNP Company produces JustBare organic chickens, which the company said has "a code on each package (that) allows consumers to trace the chicken inside each package back to the specific family farm where it was raised."
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