JBS announces the sale of further assets
20/06/2017
It announced on June 6 the sale of its beef operations in Argentina, Paraguay and Uruguay, with Minerva and the price is $300 million.
On June 20, the group announced that it plans to sell further assets to raise an estimated $1.8 billion. It gave no indication that any of these assets have sold already or any details of possible buyers.
The assets in question are JBS’s 19.2% interest in Vigor Alimentos, its Moy Park prepared and convenience foods division, and its Five Rivers cattle-feeding assets and farms.
São Paulo-based Vigor is a food company that has traditionally concentrated mostly on dairy. JBS completed its acquisition of shares in the company in 2013.
JBS’s acquisition of Moy Park (from rival Brazilian group Marfrig) was much more recent, taking place in 2015, with the group saying it was glad to have an opportunity through this move to expand its business in Europe. It valued the purchase at around $1.5 billion at the time.
For its part, Five Rivers has a network of farms and feedlots with a combined feeding capacity of more than 900,000 head of cattle. It has locations in Colorado, Kansas, Oklahoma, Texas, Arizona, Idaho and Canada.
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