Atlas Holdings Scoops Foster Farms For Undisclosed Terms

2022-06-08 19:38

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.