Pilgrim’s Pride gains regulatory approval of Tyson de Mexico acquisition

GREELEY – Pilgrim’s Pride Corp. (Nasdaq: PPC) on Monday announced that its deal to purchase Tyson Foods’ poultry business in Mexico has gained approval from the Mexican Federal Economic Competition Commission.

The approval marks the final hurdle toward closure of the deal, which officials for Greeley-based Pilgrim’s Pride said they would work to do “as soon as possible.” The boards of directors for both Pilgrim’s and Tyson (NYSE: TSN) had previously approved the sale.

Pilgrim’s Pride director of investor relations Dunham Winoto said the deal is not expected to have an impact on the company’s operations or staffing levels in Greeley.

The deal for Tyson de Mexico was announced last summer and valued at $400 million. The division has estimated annual revenue of $650 million. Pilgrim’s Pride officials said the division will continue to supply Tyson through a co-packaging arrangement.

Shares of Pilgrim’s Pride stock closed at $24.92 apiece Monday, down 2.6 percent from Friday’s close.

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