Springdale-based Tyson Foods, Inc. has a deal in place to acquire a Tennessee sausage company.
The terms for the deal for Williams Sausage Company Inc. were not disclosed and it still must pass regulatory muster. The Union City, Tenn. company employs about 500 and produces fresh and fully cooked sausage, bacon and sandwiches to retail and food service companies, according to a release.
"The addition of Williams Sausage Company aligns with our strategic intent of expanding our capacity to serve our customers," Stewart Glendinning, group president, prepared foods for Tyson Foods, said in a statement.
Tyson shares closed at $60.72, down 65 cents or about 1% in trading Tuesday on the New York Stock Exchange. Shares have traded as low as $59.38 and as high as $99.54 over the past year.
"There are not many companies to which we could entrust what we have built, and we are very pleased that in Tyson Foods we have found that partner who understands the heritage and culture of our family business and will be able to take it to the next level," Williams Sausage Company President and Chief Executive Officer Roger Williams said in a statement. "We believe this to be a very positive move for our family and our team members that will ensure the future of all stakeholders."