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Brazilian meatpacking giant JBS has reached an agreement to sell its British subsidiary to poultry processor Pilgrim’s Pride Corp.
The sale of the JBS SA asset is to be used to accelerate the company’s short-term debt repayments, related to the leniency agreement signed by holding J&F with Brazil’s federal attorneys.
The transaction of the Northern Ireland-based poultry producer Moy Park is valued at about US$1.3 billion.
Moy Park is said to process around 5.7 million birds per week and has 13 processing plants located in the UK, Ireland, France and the Netherlands. It should generate an incremental annual revenue of US$2 billion to Pilgrim’s Pride and provide access to over 800 farmers across the UK.
Headquartered in Greeley, Colorado, U.S. Pilgrim’s Pride is part of the JBS USA family. It has operations in 14 different U.S. states as well as in Mexico and Puerto Rico. According to the company’s website, JBS owns 78.5% of the outstanding common stock.
Source: Financial Times