Brazil’s JBS plans to sell Moy Park, Five Rivers & stake in Vigor Alimentos

Brazil’s JBS S.A. announced on Tuesday it has submitted an asset divestment program to its board of directors, in which it plans to sell Moy Park, Five Rivers Cattle Feeding and a 19.2 percent stake in Brazilian dairy company Vigor Alimentos to raise BRL6 billion ($1.82 billion).

The world’s largest beef processor added that its divestment plan considers “non-core and less strategic assets.”

The $1.82 billion that JBS plans to raise by selling the assets would be in addition to $300 million from the sale of the company’s beef operations in Argentina, Paraguay and Uruguay to Minerva, announced on June 6.

Five Rivers Cattle Feeding is a wholly-owned subsidiary of JBS, with combined feeding capacity of more than 980,000 head of cattle, and farms located in Colorado, Kansas, Oklahoma, Texas, Arizona, and Idaho. The company also manages a 75,000 head capacity feed yard in Canada, according to information on its website.

Vigor Alimentos is one of Brazil’s largest dairy companies, controlled by J&F.

Source: MeatingPlace