MEMPHIS, TENN. – Monogram Foods announced on June 1 that it would acquire Denison, Iowa-based Quality Food Processors (QFP). The Memphis, Tenn.-food manufacturer said annual revenue would exceed $1 billion with the move.

“This is an important day for our company and one that ensures we continue to grow in the prepared meats space, especially in the bacon category,” said Karl Schledwitz, Monogram executive chairman and chief executive officer. “This integration allows for Monogram’s continued focus on being the ‘Growth Partner That Makes It Better.’”

In March, QFP announced it would be raising its starting hourly wage by $2 an hour beginning on March 1.

QFP said the starting pay for first shift will now be $15.25 per hour and second shift wages will be raised to $17.25 per hour. 

Monogram now operates 10 food manufacturing facilities in six states and employs more than 3,000 people.