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Moy Park Sold For $1.5 Billion

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Moy Park Sold For $1.5 Billion

Moy Park Sold For $1.5 Billion
June 24
09:31 2015

Brazilian meat group Marfrig Global Foods is selling Moy Park, one of Europe’s largest poultry processors, to JBS for US$1.5 billion (€1.33 billion). With 13 main production sites across the UK and Europe, employing over 10,600 people, Northern Ireland-based Moy Park is the UK’s largest producer of organic and free range chicken. Moy Park supplies leading retailers and food service operators throughout the UK, Ireland and Europe with a range of high quality, fresh, coated and added value poultry products.

In 2014, Moy Park increased revenue by 2% to £1.42 billion although profit before tax and exceptional slipped by 0.4% to £32.5 million. Underlying profit before tax rose by 34% to £43.8 million.

Based in Brazil, JBS is a global leader in beef, lamb and poultry processing and is also heavily involved in pork production. With over 200.000 employees worldwide, the company has 340 production units and businesses in the foodstuffs, leather, biodiesel, collagen, metal packaging and cleaning products industries. Operating on all consumer markets, JBS is the world’s largest exporter of animal protein, selling to over 150 countries.

MoyParkDungannonThe disposal is in line with Marfrig’sFocus to Win’ strategy and aims to sharpen the company’s focus on the food service segment and on beef exports from Brazil.

The transaction is subject to approval from competent authorities, including antitrust bodies in the European Union, and is expected to be signed by the end of 2015.

The proceeds from the sale will enable Marfrig to significantly advance the planned reduction in its financial leverage levels, while also substantially reducing the associated interest expenses.

Marfrig had indicated earlier this year that it was proceeding with an IPO of Moy Park and its Keystone Foods business in the US in order to reduce debt. Marfrig was expected to maintain a comfortable majority control in both businesses.

Marfrig remains a globalized company after the transaction – 75% of the group’s revenues will be earned in currencies other than the Brazilian real, 59% of the consolidated revenue will continue to come from international operations and the company will still operate in 11 countries, with nearly 33,000 employees and 49 production units.

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