Loss-making meat firm sold in £290m deal

A meat products firm which has sites across the East Midlands has been sold to Pilgrim’s Pride Corporation in a deal worth £290m.

Tulip employs 6,000 people and has sites in Boston, Coalville, Sleaford and Spalding. Last year it made a loss of £85m.

Tulip chief executive Andrew Cracknell said: “Pilgrim’s is acquiring an industry-leading farming operation, a strong team of dedicated people and a network of well-invested manufacturing sites.

“Our companies share a rich heritage in agriculture and food production with aligned values that put people and customers at the heart of all we do.

“The Tulip Limited leadership team and I look forward to working with our new colleagues to build upon the fantastic progress made within the business and realise our combined growth opportunities as we enter an exciting new phase.”

Jayson Penn, Pilgrim’s global chief executive, said: “We are pleased to strengthen our European foods platform with the acquisition of Tulip Ltd, which positions Pilgrim’s as a leading global prepared foods player.

“The transaction represents the logical next step in our evolution to expand our geographical footprint, enhance our value-added portfolio and reduce volatility across our business with a more stable margin profile.

“Tulip Ltd’s integrated production platform, consumer ready innovation capabilities, well-invested assets, established customer relationships and strong leadership team will solidify Pilgrim’s platform for growth in the attractive UK market.

“We welcome the talented Tulip Ltd team members and management team, led by Andrew Cracknell, to the Pilgrim’s family, and we look forward to working together to drive growth and deliver value for our stakeholders.”

Earlier this year, Tulip revealed that over 450 jobs were under threat after it lost a contract to supply Marks & Spencer. The firm said it was set close its Boston plant, which employs 464 people, if a new contract could be found.

Click here to sign up to receive our new South West business news...
Close