US-based food company Pilgrims Pride (Pilgrims) has acquired poultry and prepared foods supplier Moy Park from Brazilian meat processing company JBS for approximately $1.3bn.

The decision to acquire Moy Park was unanimously approved by a Special Committee of Pilgrims board of directors.

Pilgrims Pride CEO Bill Lovette said: "We are pleased to announce the acquisition of Moy Park, which will position Pilgrims to become a global player, with an improved and more stable margin profile on the chicken business and an expanded portfolio of prepared foods.

“This announcement is a positive development for Moy Park and all our colleagues employed across the business.”

"Following our successful acquisitions of GNP and the assets in Mexico, Moy Park represents a logical next step in the evolution of our geographical and brands footprint.

“The acquisition gives us access to the attractive UK and European markets, which advances our strategy of diversifying our portfolio to be more global while reducing volatility across our businesses.”

Lovette further noted that the acquisition of Moy Park will enable the company to explore new business opportunities by using its fully integrated poultry production platform, as well as its presence in prepared foods.

Established in 1943 in Northern Ireland, Moy Park provides fresh poultry products, which are processed at its 13 facilities in the UK, Ireland, France and the Netherlands.

The company processes more than 5.7 million birds a week, which are supplied to food retailers and restaurant chains in the UK and continental Europe.

Pilgrim’s aims to achieve incremental annual revenues of approximately ;$2bn, and approximately $50m in annualised synergies over the next two years.

Moy Park chief executive Janet McCollum said: “This announcement is a positive development for Moy Park and all our colleagues employed across the business.”