Huge shock for the German meat industry
Germany's Toennies may be for sale, according to sources consulted by Bloomberg. The news agency said that Clemens Toennies is exploring a sale of Germany’s largest meat processor and looks for potential buyers such as Tyson Foods Inc., JBS SA and WH Group Ltd (China). If real, the decision could turn into a €4 billion ($4.8 billion) deal, the sources said.
In 2020, the company was embroiled in a nationwide scandal due to a huge coronavirus outbreak, when one of his meatpacking plants was ordered to shut after more than 1,500 workers tested positive for Covid-19. The outbreak, Germany’s biggest at the time, led to criticism of the company’s use of low-paid contract workers from eastern Europe and claims that their working environment failed to prevent the spread of the virus. Toennies has since launched a number of initiatives to try to regain the public’s trust.
Toennies Holding ApS & Co is a family business with 50 years of existence. Clemens Toennies owns about 45% of the company, and his nephew Robert holds 50%. Toennies Holding has 28 plants and exports its products to 82 countries around the globe. In 2019, the company reported a turnover of €7.3 billion.
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