Cargill and Continental Grain Company have completed their acquisition of Sanderson Farms through a joint venture between the companies.
With the transaction, Cargill and Continental Grain have combined Sanderson Farms with Wayne Farms to form a new privately held poultry business.
The deal, which was first announced in August last year, sees the poultry business purchased for $203 per share in cash.
Clint Rivers, currently CEO of Continental Grain’s Wayne Farms subsidiary, has been appointed CEO of the new combined company. The business – named Wayne-Sanderson Farms – will be headquartered in Oakwood, Georgia.
Rivers commented: “I am honoured to lead the new Wayne-Sanderson Farms, which brings together a talented team with complementary operations and cultures and a strong commitment to employees, farmers and the communities where we operate. The new company is ideally positioned to continue to serve customers and consumers with high-quality and affordable products.”
Wayne-Sanderson Farms operates chicken processing plants and prepared foods facilities across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina and Texas.
© FoodBev Media Ltd 2022
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