Once a Humble Tyrone Farm Sees Profits Surge To £33.7m
It is now a global poultry giant, but Moy Park‘s journey started on a modest farm in Moygashel, Co Tyrone, in 1943.
Back then its focus was on dairy, potatoes and eggs, rather than poultry processing.
That small rural farm has come a long way. Today the firm processes five million chickens per week and one million turkeys annually. It is now the largest employer in Northern Ireland with 8,473 employees, and has 11,500 staff across Europe.
Last year it made a pre-tax profit of £33.7m, an increase of 39% on the previous year’s figure of £24.4m. It has been bought by Brazil-based food group JBS S.A. for $1.5bn (£945m) from another Brazilian firm Marfrig Group.
Marfrig has owned Moy Park since 2008 when it purchased the poultry processor from US-based OSI Group for $680m (£430m).
This is JBS’s first expansion into the European market and its business has more of an emphasis on poultry and pork, compared to Moy Park’s previous owner who specialised in beef.
Over the last year, there have been rumours of Moy Park floating on the London Stock Exchange. It remains to be seen whether the new owners have any plans to take the company public.
Source: belfasttelegraph.co.uk
