Brazilian meat-packing company JBS has put Moy Park, one of Europe's largest poultry producers, up for sale, reports The Telegraph.
The meat-processing firm acquired Irish company Moy Park for approximately €1.3 billion in 2015. However, Moy Park and two other assets were included in a divestment plan released by JBS this week.
This update follows the news announced earlier this month, of a reported $300 million in subsidiary sales, in Argentina, Uruguay and Paraguay.
Cutting Debt
JBS stated that it was selling the assets in order to raise around six billion Brazilian reais (£1.44 billion), which should help it 'cut debt and reduce leverage'. Company shares dropped 2.8% to 6.17 reais yesterday, and they have declined by 45% in the past year. The divestment programme is still waiting to be approved by JBS’s board members.
Moy Park employs more than 9,000 people in Northern Ireland. The company will 'continue to focus on meeting consumer demand in the UK, Ireland and mainland Europe'.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Patrick Lewers. Click subscribe to sign up to ESM: The European Supermarket Magazine.
