PIC follows its business to USA
PIC International – the pig breeding business of the former Dalgety group – is relocating to the USA where most of its business is done.
The former conglomerate plans to open a small headquarters in California along with a research centre. It is also seeking a US stock-market quotation, besides its London listing.
Other changes include a board shake-up which will see the departure of three European directors, who will be replaced by two Americans. Those leaving include Sir Denys Henderson, who oversaw the virtual dismemberment of Dalgety. He will stand down at the end of the year to be replaced as non-executive chairman by Brian Baldock, a director of Marks and Spencer and Cornhill Assurance, who joined the Dalgety board six years ago.
Ken Hanna, chief executive, will become a non-executive director at the end of September. The Daily Telegraph reports that Hanna could collect more than £2 million for 17 months work.
Dominique Damon, former chairman of Rhone-Poulenc Chimie Europe, and Peter Birch, ex-chief executive of Abbey National, will also relinquish their non-executive roles.
Phil David, the US chief executive of PIC since 1994, will become group chiefexecutive. Greg BeVier, president of PIC Americas, will become executive director. Tom Urban, former chairman of Pioneer Hi Bred International, an agricultural research and seed genetics company, will become a non-executive director.
PIC, which stands for Pig Improvement Company, breeds sows in the USA that produce 30% more piglets a year than home-bred animals. A Californian research centre would be better able to attract suitable scientists, the group said.
- Financial Times 21/07/98 page 24
- The Times 21/07/98 page 25, page 26 (Tempus)
- The Independent 21/07/98 page 21 (Investment)
- The Daily Telegraph 21/07/98 page 25, page 26 (Questor)