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20/06/2017 - 17:22hs

JBS puts domestic, foreign assets on sale

The conglomerate intends to sell properties, stakes and businesses in Brazil, the United States, Canada and Ireland to a total of USD 1.8 billion.

Brasília – The world’s biggest meat packer, JBS announced this Tuesday (20) a divestments program providing for the sale of BRL 6 billion (USD 1.8 billion) worth of assets. The company intends to sell a 19.2% stake in the Brazilian dairy company Vigor Alimentos; its Northern Irish poultry processing subsidiary Moy Park; and the Five Rivers cattle feeding company, active in the United States and Canada. The plan also includes the sale of farms.

“The divestments program is geared towards reducing net debt and consequently deleverage, thus strengthening the company’s financial structure,” JBS said in a press release.

The plan pends approval from the Board of Managers of BNDESPar, an arm of the Brazilian Development Bank (BNDES). JBS said the move is designed to rebalance its finances. The company is at the epicenter of Brazil’s political crisis following plea bargains by its executives, who have even implicated president Michel Temer.

Early this month, JBS announced the sale of all shares of its subsidiaries in Argentina, Uruguay and Paraguay to Minerva, Brazil’s second biggest beef company, for USD 300 million.

*Translated by Gabriel Pomerancblum

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