The world’s largest meat-packer, JBS, has today launched an extensive divestment programme it hopes will raise BRL 6 billion ($1.8 billion).
The company said it will sell US-based Five Rivers Cattle Feeding and its controlling stakes in Northern Ireland-based poultry business Moy Park and Brazilian dairy company Vigor Alimentos.
Earlier this month, the controlling shareholder of JBS, J&F Investimentos, agreed to pay a record $3.2 billion fine for its role in corruptions scandals.
J&F owners Joesley and Wesley Batista claimed that they had spent $184 million to bribe nearly 1,900 politicians.
Today JBS said in a statement: “The divestment programme is intended to reduce net debt and deleverage the company, strengthening its financial position.”
Moy Park was acquired by JBS just two years ago from Marfrig Global Foods, in a deal worth approximately $1.5bn.
Moy Park chief executive Janet McCollum told the BBC: “Our priority remains business as usual – delivering outstanding quality, innovation and service to our customers and consumers.”
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