Food manufacturer acquired from Danish Crown in £290m deal

Food producer Tulip has been bought by global giant Pilgrim’s in a deal worth £290m.

Warwick-headquartered Tulip employs 6,000 people across its head office and 12 UK production sites, including Wednesbury. They will join Pilgrim’s 50,000-strong workforce, which is spread mainly across North America and Europe.

The deal provides an exit for Danish Crown, which is looking to “simplify” its UK business. It has agreed a long-term supply deal with Tulip.

Jayson Penn, Pilgrim’s global chief executive officer, said the deal will “strengthen our European foods platform” and position the group as “a leading global prepared foods player”.

He added: “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 is the largest pig producer in the UK, with nearly £1bn in annual sales. Andrew Cracknell, who became Tulip’s chief executive last October, will continue to lead the business.

He 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.”