Mexican regulators have approved the sale of Springdale-based Tyson Foods Inc.’s poultry business in Mexico to Pilgrim’s Pride, the poultry companies said Monday.
The Mexican Federal Economic Competition Commission’s decision marked the final regulatory approval before the Tyson de México deal could close, and Pilgrim’s Pride and Tyson said they are working to complete it as soon as possible.
"We appreciate the attention and efforts of the Commission and will now move forward with Pilgrim's Pride to complete the deal," Tyson President and CEO Donnie Smith said in a statement. "We've not set a closing date but believe it will be soon."
Tyson and Pilgrim’s Pride reached a definitive agreement on the sale in July, which also included the sale of its Brazil business in an all-cash deal valued in total at $575 million.
Tyson de Mexico, based in Gomez Palacio, employs more than 5,400 people in its offices, three plants and seven distribution centers.