Tyson Foods (TSN) sai🍷d it wi🔴ll acquire Keystone Foods from Brazilian food-processor Marfrig Global Foods for $2.16 billion.

Keystone Foods, a major meat and poultry supplier in the food service industry, helps Tyson pursue its growth strategy and expanding its protein capabilities, Tyson Foods . Keystone provides products like chicken, beef, pork and fish to major restaurants, convenience store channels and retail outlets. Its foods include chicken nuggets, beef patties, chicken wings and&𒅌nbsp;tenders, and fish fillets.

The acquisition includes Keystone's U.S. innovation center and six processing plants in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin. It also includes eight plants and three innovation centers in Australia, China, Malaysia, South Korea and Thailand. It excludes Keystone’s beef patty processing plant in Ohio. (See also: 澳洲幸运5开奖号码历史查询:4 Consuꦛmer Stocks Facing Even Steeper Declines.)

Keystone Aims for Global Growth

President and CEO of Tyson Foods Tom Hayes said the acquisition will help the company grow glob⛎ally.

“Keyst🌞one provides a significant foundation for international growth with its in-country operations, sales and distribution network in high growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East and Africa,” Hayes said in a statement.

Tyson Foods expects the acquisitio🐼n will be accretive to GAAP earnings within three years and accretive to adjusted EPS in the first year. It expects anꦿnual synergies of about $50 million in three years.

Tyson ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚFoods will fund the takeover with existing liquidity and from proceeds from issuing new debt. It will use c🔯ash flows to pay down debt.

Shares of Tyson Foods are down 𝓰more than 23% year to date🌃 as of Friday’s closing.