Tyson Foods has acquired a Cumming-based American Proteins and AMPRO Products, the company announced Tuesday.
The acquisition is expected to allow Tyson Foods to recycle more animal products, as well as expand its presence in the animal feed ingredient business, according to a press release from Tyson Foods.
The purchase price was about $850 million.
The majority of the approximately 700 workers for American Proteins are expected to become Tyson Foods team members.
Mark Ham, president and CEO of American Proteins said, "We value and appreciate our 700 plus employees as well as the relationships we have with our suppliers and customers, and are confident that after the transaction closes the Tyson team will offer them the same commitment to service and quality as provided by American Proteins."
"American Proteins' management team has built a great business and the production teams have done a wonderful job making animal feed ingredients for years. We admire the company and believe this will be a good cultural fit," Doug Ramsey, group president of poultry for Tyson Foods said. "Investing in this part of our business is an investment in the future sustainability of our company."
The acquisition includes four rendering plants in Georgia and Alabama and 13 blending facilities located throughout the Southeast and Midwestern states.
"Rendering plays a key role in growing our business and helping us deliver on our sustainability goals," said Tom Hayes, president and CEO of Tyson Foods. "Through this important business, no part of the animal goes to waste, and we can recycle valuable ingredients into feed for pets and aquaculture."
The agreement is not finalized until customary closing conditions, including regulatory approval.
http://accesswdun.com/article/2018/5/671645/tyson-foods-acquires-cumming-based-american-proteins