Atlas Holdings Scoops Foster Farms For Undisclosed Terms

Author: Anusuya Lahiri | June 08, 2022 07:38am

• Atlas Holdings acquired Foster Farms from entities associated with the Foster Family for an undisclosed sum.
• Foster Farms is a family-owned provider of fresh, frozen, and prepared poultry products.
• Foster Farms generated annual revenues of $3 billion and will continue to operate under the Foster Farms name.
• Foster Farms employed 10,000 skilled team members and operated significant processing facilities in California, Washington, Louisiana, Oregon, and Alabama.
• Veteran poultry industry leader Donnie Smith, the former CEO of Tyson Foods, Inc (NYSE:TSN), was named Foster Farms' new Chief and Chair.
• The deal occurs as chicken prices have surged, driven by strong consumer demand and rising grain prices, the Wall Street Journal reports.
• The planned $4.5 billion takeover of Sanderson Farms, Inc (NASDAQ:SAFM) by Cargill Inc and agricultural investment firm Continental Grain Co was under regulatory review.
• The White House accused the leading U.S. meat companies of exploiting their influence to manipulate prices for restaurants and supermarkets while underpaying farmers. 
• The Justice Department and the U.S. Agriculture Department separately probed primary beef packers' cattle-buying activities.

Posted In: SAFM TSN