Tyson Foods buying Keystone Foods for $2.16B

Tyson Foods, maker of Jimmy Dean sausages and other meat products, will pay $2.16 billion in cash for the Keystone Foods business of Marfrig Global Foods, expanding its international reach and product range.

Headquartered just west of Philadelphia, Keystone supplies chicken, beef, fish and pork to major quick-service restaurant chains, as well as retail and convenience store channels.

The acquisition includes six processing plants and an innovation center in the U.S. with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin. It also includes eight plants and three innovation centers in China, South Korea, Malaysia, Thailand and Australia.

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TSN TYSON FOODS INC. 85.25 -0.81 -0.94%

Keystone, which employs approximately 11,000 people, had revenue of $2.5 billion in the 12 months ended June 30.

Tyson, founded in 1935, employs more than 122,000 people and had $38.3 billion in revenue in its fiscal 2017 year.