JBS acquires Moy Park for $1.5bn
Meat packing giant JBS has bought the Northern Ireland’s poultry producer Moy Park from owner, Marfrig Global Foods, for US$1.5 billion.
It announced the deal yesterday.
“This transaction represents an important step in JBS’ strategy to grow its portfolio of prepared and convenient products with high value added. In addition, this acquisition increases the company’s geographic diversification,” said JBS.
The takeover, which is set to close in second half of this year, is subject to the regulatory approvals, including the EU antitrust authorities.
JBS said it will assume the £200m ($316m) debt of Moy Park on the acquisition.
Marfrig said the sale of Moy Park will enable it to have a greater focus in pursuing growth opportunities, mainly in the US and Asia.
One of the Brazilian company’s goals, it said, is to increase beef exports from Brazil to those two markets.
