JBS to sell off stake in dairy as part of efforts to raise $1.8bn
The company is expecting to raise approximately R$6bn ($1.8bn), in addition to the R$1bn ($300m) already announced following the sale of the company’s operations in Argentina, Paraguay and Uruguay.
JBS is planning to dispose of its 19.2% stake in dairy company Vigor Alimentos S.A.
Other sales include the company’s stake in Northern Ireland’s Moy Park, and the Colorado, US, based Five Rivers Cattle Feeding and farms.
Vigor Alimentos brands include Leco, Vigor, Danubio, Amélia, Carmelita, Serrabella, Mesa and Jong. Products include cheese, yogurt, mayonnaise, margarine, milk, cream cheese and dairy beverages.
The Divestment Program is intended to reduce net debt and deleverage the company, strengthening its financial position.
The sale of assets is subject to approval from the board of directors and consent from the Brazilian government’s BNDESpar, a part of the state lender BNDES (National Bank for Economic and Social Development), as per the terms and conditions of the shareholder agreement.
