Cargill-Continental Grain JV finalizes deal for Sanderson Farms
Laurel, Mississippi, US – A joint venture of Continental Green, New York, New York, US, and Cargill, Minneapolis, MN, US, completed its $4.5 billion acquisition of Sanderson Farms, Inc., a poultry processing company. With the deal closing, Sanderson Farms merged with Wayne Farms, a subsidiary of Continental Grain, to form a new private poultry company called Wayne-Sanderson Farms headquartered in Oakwood, Georgia, United States.
The deal was first announced in August 2021, but was delayed in December 2021 as the US Department of Justice requested additional information before the deal could be completed.
As previously announced, Clint Rivers, CEO of Wayne Farms, will lead the combined companies as CEO.
“I am honored to lead the new Wayne Sanderson Farm, which brings together a talented team with complementary processes and cultures and a strong commitment to employees, farmers and the communities in which we operate,” Rivers said. “The new company is ideally placed to continue serving customers and consumers with quality products at affordable prices.”
Sanderson Farms had $3.56 billion in sales in fiscal year 2020. The company has 13 processing plants, has the capacity to process 1.3 million birds per week and employs approximately 17,000.
Jo F Sanderson, Chairman and CEO of Sanderson Farms, Inc. “I am proud of all we have accomplished together, and I am confident that the integrity, honesty and integrity that have been synonymous with the Sanderson Farms name will continue with Wayne-Sanderson Farms.”
Headquartered in Oakwood, Wayne Farms generated $2.2 billion in sales in 2020, has 11 plants and employs nearly 9,000.
Cargill has committed to supporting the new joint venture through its relationships with retail and food service clients.