Tuesday, October 6, 2015

JBS completes Moy Park purchase

Brazil-based meat and poultry company JBS has finalized the purchase of European poultry company Moy Park for a price of US$1.5 million.
JBS announced the completion of the purchase on September 29, stating that the transaction has received clearance from the European Commission and all other necessary regulatory approvals. Moy Park was previously owned by Marfrig, also a Brazil-based meat and poultry company.
With the purchase, JBS is gaining a company that has been in a state of expansion. Moy Park had earlier announced plans to complete at least 250 new poultry houses in Northern Ireland.
According to reports, JBS will pay Marfrig US$1.2 billion for Moy Park, but it will also assume Moy Park’s debt, which amounts to about $293 million.
JBS announced its intent to acquire Moy Park in June, departing from earlier statements that JBS would not seek acquisitions in 2015 and would instead focus on organic growth. However, JBS CEO Wesley Batista later changed his stance and said the company would “for sure” be seeking new acquisitions during the year.
JBS in July also revealed its intent to acquire Cargill’s U.S. pork operations for US$1.45 billion. That proposed acquisition remains subject to regulatory review and approval.

No comments:

Post a Comment