Moy Park sold to Brazilian food group JBS for $1.5 billionStaff writer ▼ | June 23, 2015
Moy Park has been sold for $1.5 billion to Brazilian food group JBS S.A. The UK's biggest poultry producer has been owned by another Brazilian-based company, Marfrig Group since 2008.
Acquisition Moy Park is the poultry producer in the UK
Moy Park employs 8,473 people in Northern Ireland and last year its pre-tax profits rose by 39% to £33.7 million.
Jeremiah O’Callaghan JBS S.A. investor relations officer said:
“The Moy Park acquisition was valued at $1.5bn (£945m), adjusted by the working capital variation, as well as by the net debt of the Moy Park business at the conclusion of the transaction, which includes £300m in Notes due in May 2021. The balance will be paid in cash at the conclusion of the acquisition.”
JBS S.A. started to expand its international operations in 2007 in North America and this is the first time the company has looked to the European market. ■