Tyson Foods is acquiring Keystone Foods, a major supplier to the global foodservice industry including McDonald’s, for $2.16 billion.
The deal expands Tyson’s value-added protein capabilities serving key foodservice customers, the company said.
It also strengthens its lobal presence in high growth international markets.
Headquartered in West Chester in Pennsylvania, Keystone supplies chicken, beef, fish and pork to some of the world’s biggest 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 centre in the US with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin.
It also includes eight plants and three innovation centres in China, South Korea, Malaysia, Thailand and Australia.
Tom Hayes, president and CEO of Tyson Foods, said: “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.”