Pilgrim's Pride to Acquire Walkers Deli & Sausage Company
PPC is trading near its 52-week low of $25.9 (6.6% above the low).
Summary
Pilgrim's Pride has agreed to acquire Walkers Deli & Sausage Company, expanding its prepared foods portfolio. The deal adds a branded deli and sausage business, diversifying revenue beyond commodity chicken, which has been under pressure. This follows a difficult Q2 where net income fell 96% and the U.S. segment swung to an operating loss. The acquisition could provide a higher-margin, branded product line to offset volatile commodity prices. Terms were not disclosed.
At the time of this announcement, PPC was trading at $27.60 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $25.90 to $49.44. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.