JBS to Buy Seara from Marfrig10 June 2013
BRAZIL - Brazilian poultry and pig processor Marfrig has sold its Seara poultry unit to beef and poultry giant JBS.
Marfrig bought the Seara group just over four years ago for around $900 million.
It is reported to be selling the group for about $3 billion.
The sale will boost JBS’s dominance in the meat sector in Brazil and enhance its global standing as the world’s largest meat processor.
Marfrig is reported to be selling the operation to reduce debt burdens of around $6.1 billion.
A statement from JBS on Monday confirmed the sale.
It said that the company had concluded the purchases of Seara Brazil from OSI Alimentos, which Marfrig had bought in 2008, and the OSI Alimentos leather business in Uruguay.
TheMeatSite News Desk