Hypothesis over the way forward for Foster Farms has ended as the United States poultry processor has been purchased by way of private-equity investor Atlas Holdings.
Atlas has received the California-based trade from the Foster family members house owners and appointed former Tyson Meals government Donnie Smith as CEO and board member. Smith retired from Tyson Meals in 2016 having taken the leader government seat in 2009 in a occupation spanning 36 years on the corporate.
Murmurings emerged closing yr Foster Farms was once mulling a sale of the trade as the corporate showed in October it could “proceed to guage strategic partnerships”.
Atlas, headquartered in Connecticut, didn’t expose the acquisition value however famous Foster Farms generates annual income of about US$3bn. The buying and selling title shall be retained.
The similar investor received the path mixes and snacks trade of private-label provider TreeHouse Meals in 2019, renaming the corporate Flagstone Meals.
Run by way of companions Sam Astor, Ed Fletcher and Mike Sher, Atlas mentioned: “Now we have a protracted historical past of partnering with proud family-owned firms to honour their previous whilst riding further operational, environmental, and monetary good fortune for the following era. Running intently with Donnie Smith, the management crew, and our devoted crew participants, this is exactly what we intend to do at Foster Farms.”
Max and Verda Foster arrange the corporate in 1939. It employs round 10,000 other people throughout poultry and turkey vegetation in California, Washington, Louisiana, Oregon and Alabama serving retail, foodservice and wholesale consumers.
Simply Meals approached Atlas to verify if all Foster Farms’ staff – and any of the present control crew – shall be retained however the investor declined to remark. This e-newsletter has additionally sought remark from the poultry maker.
Smith mentioned: “I’ve lengthy been an admirer of the Foster Circle of relatives and the trade they’ve constructed during the last 8 a long time. On this new generation, we can deal with and extra that legacy, rooted in animal welfare, awesome product high quality, customer support and neighborhood engagement.”
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