Making the announcement, Moy Park CEO Nigel Dunlop said that the coming together of the two businesses would bring significant opportunities for market development and expansion.
The news comes as Moy Park parent company Marfrig has made a series of expansion announcements over the past two years including the buy-out of Cargill-owned chicken brand Seara in Brazil worth $706.2m.
Dunlop said: “O’Kane Poultry is attractive to Moy Park because it complements our existing business model bringing new sources of supply, processing capabilities and market expertise. I am confident that this acquisition will prove to be a very strategic and positive development for the Northern Ireland agri-food sector and enhance the contribution it makes to the wider Northern Ireland economy.”
Moy Park and O’Kane Poultry are estimated to sell around 20m chickens and 1.5m turkeys in total per year. Both business have contracts with around 760 local producers and the combined companies will employ 8,500 people, approximately 5,000 of them in Northern Ireland.
The acquisition of O’Kane Poultry will be subject to regulatory approval and it is planned the process may take several months with the deal signed in early Autumn.
O’Kane Poultry chairman Billy O’Kane added: “As part of the larger Moy Park organisation, the future of the producers who supply O’Kane Poultry is assured, as is Ballymena’s position as a major centre of employment for the Northern Ireland poultry industry.”