Tyson To Sell Latin American Assets Amid Foreign Losses
July 28, 2014 | 1 min to read
Tyson Foods Inc. (TSN:US) agreed to sell poultry businesses in Mexico and Brazil for $575 million as the largest U.S. meat producer shrinks its foreign operations and focuses on the expansion of its prepared foods segment.
JBS’s Pilgrim’s Pride Corp. (PPC:US) unit will acquire the Mexican assets while Sao Paulo-based JBS will buy the Brazilian business, Tyson said today in a statement.
“We haven’t had the necessary scale to gain leading share positions in these markets,” Tyson Chief Executive Officer Donnie Smith said in the statement. “We remain committed to our international business and will continue to explore opportunities to extend our international presence.”
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