Brazil-based Marfrig Global Foods is considering the sale of its assets in Argentina, as well as its Marfood beef jerky business in the United States, according to reports.
The company is seeking to divest of those operations in attempt to cut its gross debt by US$1.2 billion by the end of 2016, according to a report from Agrimoney.
Should Marfrig find buyers for the operations in Argentina and the U.S., it would follow the company’s sale of European poultry company Moy Park to JBS, also headquartered in Brazil. That transaction, valued at US$1.5 billion, was finalized on September 19.
However, the company has also recently made moves to add to its assets in recent months. In March, Marfrig clinched a deal to acquire at least six beef processing plants controlled by Brazilian company Frigorifico Mercosul for a price of nearly US$128 million.
Headquartered in Curitiba, Paraná, Brazil, Marfrig serves markets in South America, Asia, Europe, North America, and the Middle East, with broiler, turkey, pork and beef product offerings. According to the WATT Global Media Top Companies Database, the company processes 405 million birds annually.
Marfrig is also the parent company of the Keystone Foods, a company with global presence and operations in the development, production and distribution of poultry, beef, fish, pork and other products for the foodservice channel, headquartered in West Conshohocken, Pennsylvania.