Tyson Foods to buy Barber Foods' parent company
Photo / Peter Van Allen
Barber Foods, a frozen foods company located off St. John Street in Portland's West End, learned today that its parent company, AdvancePierre Foods Holdings Inc., is being purchased by Tyson Foods Inc. for $4.2 billion.
Tyson Foods Inc. announced today a $4.2 billion bid to acquire AdvancePierre Foods Holdings Inc., the parent company of Barber Foods in Portland.
Tyson (NYSE: TSN), which is based in Springdale, Ark., stated in a release that its purchase of Cincinnati-based AdvancePierre (NYSE: APFH) had been approved by both companies’ board of directors. The $4.2 billion transaction included $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt.
“We believe that AdvancePierre and Tyson are a natural strategic fit and together will accelerate growth for customers by delivering on-trend, high quality products consumers love,” Tyson President and CEO Tom Hayes said in the release. “We look forward to welcoming AdvancePierre’s dedicated team members to the Tyson family.”
Barber Foods employs more than 280 people representing 36 different nationalities at its Portland frozen foods plant on St. John Street, according to the company’s website. At the time of its 2011 purchase by AdvancePierre, Barber Foods had 650 employees. The new owner at that time said it would invest millions to modernize and automate the Portland facility, acknowledging that it would result in a “significant reduction” of the workforce.
In its release, Tyson said the “Barber Foods brand of value-added chicken products has a strong heritage in both retail and food service channels and we look forward to building upon its foundation of quality.”
Tyson stated the acquisition is subject to regulatory approvals and is expected to close in the third quarter of its 2017 fiscal year.
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I just finished eating a portion of, what a Barber Foods, i.e. Tyson Foods Cordon Bleu. I had this product repeatedly in the 90's. It always had an excellent flavor and texture. Tonight, it tasted like rubber. It certainly is not the quality of something that I would serve to my family. I am very disappointed! I will return the un eaten portion to my grocery, plus the additional box that I purchased. I am very disappointed!
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