9 August 2021 - Cargill, Continental Grain Company, and Sanderson Farms have reached a definitive agreement for a joint venture between Cargill and Continental Grain to acquire Sanderson Farms for $4.53 billion.
Upon completion of the deal, Cargill and Continental Grain will combine Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, to form a new, privately held poultry business.
The new company's operations includes poultry processing plants and prepared foods plants as well as feed mills across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, and Texas. Wayne Farms CEO Clint Rivers will lead the combined company.
Joe Sanderson, Chairman and CEO of Sanderson Farms, said that the transaction delivers a significant value to the company's stockholders, reflecting the dedication of the team, assets, products, operations, and brand.
"We are proud to be joining with Cargill and Continental Grain and we are confident that they will be strong stewards of the Sanderson Farms team, brand and assets going forward," he commented.
Paul Fribourg, Chairman and CEO of Continental Grain, added: "Wayne Farms has been one of the most important and successful parts of Continental Grain for almost 60 years, so bringing together two great partners with two great poultry companies will ensure good things for our customers, our grower partners, and our employees."
The transaction is expected to close by the end of 2021 or early 2022.
