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JBS SA has signed a deal to sell its meat processing plants in Argentina, Uruguay and Paraguay to Brazilian meatpacker Minerva.
The processing plants have been sold for US$300 million in order to pay for the fines settled with Brazilian prosecutors relating to JBS’s bargain plea. The transaction is expected to close in July 2017 and, according to local media, JBS will keep its leather processing units
JBS already faced difficulties in Argentina and had closed some beef processing plants under pressure of export quotas in the previous Argentinian Government. Minerva says that of the five plants acquired from JBS in Argentina, four are closed and will remain as such until market conditions improve in the country.
All plants bought from JBS are said to have certification to export to the United States, Japan and China. In the stock market, Minerva’s common shares increased 5.6%, while JBS shares went up +8.4%.
Minerva says it has increased its net revenue estimate to around R$13-14.4 billion (US$3.96-4.39 billion) in the 12 months ending June 2018 to account for a 52% increase in slaughtering capacity.
In other developments, JBS’ has once again given temporary collective leave to workers, this time at the processing plant located in Ponta Porã, state of Mato Grosso. The 30-day leave is due to an “operational adjustment”, said JBS in a statement.
Meanwhile, Michel Temer, Brazil’s President, is to respond to prosecutors regarding JBS’ bribery accusations today, June 7.