Published: Thu, June 22, 2017
Money | By Armando Alvarado

Moy Park put up for sale by Brazilian owner JBS

Moy Park put up for sale by Brazilian owner JBS

"The sale of feed yard assets will more closely align the JBS business model with key US competitors and allow the Company to concentrate its efforts on its core food and value-added products businesses", stated the release.

The divestment program would reduce the company's net debt and, consequently, its financial leverage, strengthening JBS' financial structure, tonight's statement to the market said.

The Brazilian owners of Irish poultry giant Moy Park have put the company up for sale in a bid to drive down debt in the wake of the meat and corruption scandal which has cost the world's largest meat processor dearly.

Moy Park also has brands of ready-to-eat meals, breaded and frozen foods and desserts.

"Moy Park is a successful and growing food business with a solid financial standing. I also know that this will ensure our continued growth and stability well into the future".

"Our priority remains business as usual - delivering outstanding quality, innovation and service to our customers and consumers", she added.

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Sean McKeever, Unite regional officer, said the sale "casts a shadow" over Moy Park at a time when it faces "extensive uncertainties as a result of Brexit".

"We would be very concerned that this announced sale, coming within a year of its previous acquisition by JBS, may open the door to venture capitalists".

The business plays a critical assured-supply role with JBS's USA beef processing operations.

JBS - whose controlling shareholder recently agreed to pay the world's largest "leniency fine" to settle its role in a Brazilian corruption scandal - said the plan presented to its board includes stakes in dairy company Vigor Alimentos, Moy Park and US-focused Five Rivers Cattle Feeding.

He said, "Moy Park employs 12,000 workers across the United Kingdom, with nearly half based at its operations in Northern Ireland; making it the most regionally significant employer here". It is one of Britain's top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland.

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