OAKWOOD, Ga., Oct. 22, 2021 /PRNewswire/ -- Wayne Farms LLC, a
subsidiary of Continental Grain Company, announced today that on
October 17, 2021, it completed the
sale of its Fresh Processing Complex in Laurel, Mississippi, to Amick Farms. The
complex includes live production, hatchery, feed mill,
manufacturing and production facilities. The divestiture is a key
milestone towards completing the previously announced transaction
which will combine Wayne Farms and Sanderson Farms, Inc. (NASDAQ:
SAFM) under the joint ownership and control of Cargill and
Continental Grain.
Clint Rivers, President and CEO
of Wayne Farms LLC, said, "We've had a very long and positive
relationship with the Laurel
community, and we're glad we've been able to reach an agreement
with a solid operator like Amick Farms who shares our values and
will continue that community partnership. The decision to sell the
Laurel facility was not easy for
Wayne Farms, but this is an important step in completing the
proposed transaction with Sanderson Farms. We are thankful for
Amick Farms' commitment to the Laurel workers and the community, and we're
confident the plant will continue to operate and thrive under their
ownership."
As previously announced on August
9, Cargill, Continental Grain and Sanderson Farms reached a
definitive agreement for a joint venture between Cargill and
Continental Grain to acquire Sanderson Farms and combine it with
Wayne Farms to form a new, privately held U.S. poultry
business with a high-quality asset base, complementary operating
cultures, and an industry-leading management team and workforce. On
October 21, Sanderson Farms
stockholders approved the transaction during a special meeting of
stockholders, completing another key milestone in the closing
process. The transaction is expected to close by the end of 2021 or
early 2022, subject to regulatory approvals, and other customary
closing conditions.
Based in Batesburg, SC, Amick
Farms currently operates two other vertically integrated facilities
in South Carolina and Maryland, employing approximately 3,000
employees. Financial terms of the sale were not disclosed.
William Blair served as financial
advisor and Boles Holmes White, LLC served as legal advisor to
Wayne Farms in this transaction. Nexsen
Pruet served as legal advisor to Amick Farms.
Media Contact
Frank
Singleton
678-316-4237
Fes01@att.net
About Wayne Farms LLC
Wayne Farms LLC is the
seventh-largest vertically integrated poultry producer in the U.S.
with annual sales exceeding $2
billion. A subsidiary of Continental Grain Company, Wayne
Farms owns and operates 10 fresh and further-processed facilities
throughout the Southeast, produces more than 2.6 billion pounds of
poultry products each year, and employs more than 9,000
individuals. Producing products under the brand names of
WAYNE FARMS® fresh and prepared
chicken; PLATINUM HARVEST® premium fresh chicken; CHEF'S CRAFT®
gourmet chicken; NAKED TRUTH® premium chicken; and LADYBIRD SELECT™
premium chicken, Wayne Farms has a well-known history of delivering
exceptional poultry products to some of the largest industrial,
institutional, and foodservice companies across America.
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SOURCE Wayne Farms, LLC
