Brazil meat giant JBS seeks 100% ownership of Pilgrim’s Pride in renewed focus on America

US – JBS, the world’s largest meat processor, has proposed acquiring the remaining common shares in Pilgrim’s Pride that it doesn’t already own.  According to a Reuters report, the Brazilian meat processor has submitted the proposal to the Pilgrim’s Pride board and is now awaiting approval to take the publicly listed company private.  JBS purchased a majority stake in Pilgrim’s Pride in 2009 before upping its position to just above 80%.  The company now proposes buying out the remaining 20% for US$26.50 a share — 17% higher than the trading price when the letter was sent.  Buying the remaining shares JBS doesn’t already own…

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Suntory Group invests US$912m in renewable energy transition as Pilgrim’s UK targets net zero by 2030

JAPAN – Japanese beverage giant, Suntory Group is investing US$912 million in transitioning all its facilities to renewable energy as part of efforts to meet its goal of halving greenhouse gas emissions (GHG) by 2030.  According to a statement from the global beverage company, the investment will enable it to power its 63 directly-owned manufacturing sites and R&D facilities in Japan, the Americas, and Europe with 100% renewable electricity by next year.  Transitioning to renewable energy will also support Suntory’s goal to achieve net-zero emissions across its entire value chain by 2050.   “As a…

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PepsiCo, Pilgrim’s Pride release 2020 sustainability reports showing great progress towards carbon zero

USA – Food and Beverage major PepsiCo and meat processing giant Pilgrim’s Pride have released their 2020 sustainability detailing the progress made thus far in efforts towards net positive environmental impact.  In its report, PepsiCo said that it managed to sustainably source 100% of its direct commodities in 28 countries, with nearly 87% of direct commodities sustainably sourced globally as of 2020.  That same year, PepsiCo also reports having been able to reduce absolute GHG emissions across its value chain by 5% versus a 2015 baseline while at the same time improving its…

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Kerry Group sells US$952m meats and meals business to Pilgrims Pride

IRELAND – Kerry Group, an Irish food company, has sold its Kerry Consumer Foods’ Meats and Meals business valued at US$952 million to American multi-national food company Pilgrims Pride. Kerry Meats is a leading manufacturer of branded and private label meats, meat snacks and food-to-go products in the United Kingdom and Ireland. Its sister, Kerry Meals is a leader in the ethnic chilled and frozen ready meals business in the United Kingdom. The combined businesses produced over £725 million (US$864 million) in annual sales during the year ended December 31,…

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Pilgrim’s Pride issues US$1B sustainability-linked bond as Vertical Farmer AeroFarms gears up for public listing

US – American multinational food company Pilgrim’s Pride has announced a US$1 billion sustainability-linked bond tied to the company’s Sustainability Performance Target (SPT) of reducing its greenhouse gas emissions by 30% by 2030. Bloomberg reports that the interest rate on Pilgrim Pride’s new bond will climb 25 basis points if the company fails to prove through a third-party verification service that it hit its sustainability targets. The new US$1 billion sustainability-linked bond can be interpreted as Pilgrim’s Pride attempt to put its money where its mouth is when promising improved…

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Pilgrim’s Pride invests US$75M million to expand its production facility in Cold Spring

USA – Pilgrim’s Pride, a poultry company, is investing US$75 million to expand its production facility in Cold Spring, Minnesota creating an additional 130 jobs. When construction is complete in early 2021, which will add 50,000 square feet of additional space to the plant, Pilgrim’s will be able to increase daily production of its chicken products, including its Just Bare Chicken brand. “Today’s announced expansion is an important strategic investment for Pilgrim’s, and it will help ensure our Cold Spring facility can grow its capacity to provide premium chicken products…

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