Pork processor Indiana Packers (IPC), the consolidated subsidiary of Mitsubishi, has signed a definitive agreement to acquire a 100% stake in US-based processed meat products manufacturer Specialty Foods Group (SFG).

Founded in 1914, SGF is engaged in the production and distribution of processed meat products such as ham and sausage across the country.

With the acquisition of SFG, IPC will be able to strengthen and stabilise the integration of functions across its production chains and also enhance its product offering to consumers.

IPC owns a hog slaughtering facility in the US, and also aims to expand its processed meats business.

Indiana Packers president and chief operating officer Russ Yearwood said: “We’re looking for ways to grow our business and adding SFG is strategically on-point.

“This acquisition will improve our position in a very competitive global protein market.”

“They’re a company with successful brands, outstanding people and smart business strategies. This acquisition will improve our position in a very competitive global protein market.”

Mitsubishi aims to improve its fresh food business and also achieve a continued growth through production, procurement and a sales network for fine animal protein products.

According to the company, chicken and pork are considered essential protein sources in the US, Asia, and Latin America.

As a result, the demand for pork is set to grow in the future. In the US, the growth forecast for the pork meat industry is around 3% per annum.

Financial details of the acquisition have not been divulged by either of the companies. The completion of the deal is subject to regulatory approval and other closing conditions.