17th Dec 2019 08:31
(Alliance News) - Meat producer Cranswick PLC on Thursday announced the acquisition of a UK-focused pork company, Packington Pork Ltd.
Cranswick said Packington Pork operates from a range of sites in Staffordshire, Nottinghamshire, and Lincolnshire, specialising in the rearing of free-range and outdoor bred pigs.
The company did not buy the Packington Free Range business, it noted, and also did not give any financial details for the acquired business.
Cranswick Chief Executive Adam Couch said: "I am delighted to announce the acquisition of the premium pig farming business, Packington Pork. This acquisition strengthens our existing farming operations and reinforces our commitment to supporting and growing the British pig farming industry. It also aligns to our strategy of enhanced transparency and provenance of our food from farm to fork.
"We have worked closely with the business for over 14 years. We welcome the existing farm management team and look forward to investing in and developing the business over the coming years."
Towards the end of November, Kingston-upon-Hull-based Cranswick reported a 65% rise in export revenue for the six months to September, as countries in Asia grapple with an African Swine Fever outbreak that has decimated pig herds, especially in China.
A week ago, data from China showed consumer prices increased at their fastest pace for nearly eight years, with pork prices more than doubling in November year-on-year due to the outbreak. Pork is a staple meat in China, and the herd size of the country has reduced by around 40% since August 2018.
Shares in Cranswick were 0.9% lower on Tuesday morning in London at a price of 3,292.00 pence each.
By George Collard; [email protected]
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