Mexico-based poultry producer and processor Industrias Bachoco S.A.B. de C.V. has reached an agreement to acquire U.S.-based poultry company O.K. Industries Inc.

The acquisition is Bachoco's first entry into the U.S. poultry market, according to Rodolfo Ramos, the company's CEO. "Bachoco will benefit from the knowledge and expertise of O.K.'s experienced management team, a key reason behind their industry leadership," said Ramos. "This will also enable Bachoco to enhance its product offering and regional footprint, while achieving a better understanding of the U.S. chicken market."

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The transaction will take effect immediately and will be complete as soon as all the authorities' requirements are satisfied.