Family-owned pork producer The Maschhoffs has signed a definitive acquisition agreement for poultry production firm GNP Company. This was according to a report published by World Poultry.
Once the transaction will be finalized, both businesses will operate separately. According to a statement given on behalf of both companies, the acquisition deal will have no immediate bearing on The Maschhoff's pork production or GNP Company's chicken business, the report said.
GNP Company's Chief Executive Officer Mike Helgeson said, "No changes in business operations or company commitments are planned as a result of this acquisition. GNP Company will continue to build on its reputation as the Midwest's leading provider of premium quality chicken brands and products."
The said deal will reportedly provide the poultry producer with the long-term resources and capital needed to meet the growing demands for its products. The company's expected sales for 2013 are approximately USD400 million, the report stated.
The poultry company will remain in its headquarters in St. Cloud, Minnesota. The firm will retain its 350 farm partners and almost 1,700 team members, World Poultry reported.
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