Koch Foods subsidiary to acquire Cagle's Inc.
JCG Foods, an affiliate of Koch Foods Incorporated was the successful bidder for substantially all the assets of Cagle Foods at an auction that was held on May 10, 2012. Joseph Grendys, president of Koch Foods, commented that Koch is very pleased to have the opportunity to integrate the assets of Cagle into Koch, reports Foodmarket.com.
“We feel that Cagle has a long and storied history and we look forward to working with their team members to continue striving to make Koch one of the premier poultry companies in the United States. To that end, Koch is happy that Doug Cagle Sr. has agreed to stay on and assist Koch. Cagle’s assets are geographically situated to compliment Koch’s existing assets. Cagle’s product mix in most cases is very similar to Koch’s, but also offers the opportunity for us to enter into some new product segments. The deal still needs justice department approval, but I am hopeful that is not an issue. We anticipate to close the transaction in mid to late June,” said Grendys.