Meat giant Tyson Foods Inc. has acquired Original Philly Holdings Inc., a Philadelphia company it described as one of the nation's largest producers of raw and fully cooked Philly-style sandwich steak.
The price for Original Philly, which has two plants in the city and about 250 employees, was not disclosed. It is based in the city's Juniata Park/Feltonville section.
"Original Philly is a strong, double-digit margin business with approximately $130 million of annual sales," Tom Hayes, Tyson's chief executive, told investors on a conference call Monday. Hayes said Original Philly will immediately contribute to Tyson's earnings.
Original Philly was founded as Roxborough Meat Co. in 1981 in a garage in that part of the city, according to a news release from Tyson, which is based in Springdale, Ark.
"We're excited to be part of the Tyson Foods family, which will allow us to build on the legacy of our business," John Karamatsoukas, president and CEO of Original Philly, said in the news release. "Tyson Foods is a leader in the food industry and has a strong reputation for successfully acquiring and growing family-owned businesses like ours."