Brazil's JBS buys European poultry producer for $1.5bn

Brazilian group JBS, the world's largest meat producer, announced Tuesday it has completed the purchase of European poultry group Moy Park for $1.5 billion.

The company indicated that the acquisition from Brazil's Marfrig had received the necessary approvals, including from the European Union.

Moy Park, which is based in Northern Ireland, raises chickens and turkeys in the United Kingdom, Ireland, the Netherlands and France.

In 2014, it had sales of some 5.5 billion reals, or 1.2 billion euros at the current exchange rate.

Under the deal, JBS pays Marfrig $1.2 billion and assumes Moy Park's debt of about $293 million, the statement said.

JBS President Wesley Batista said the purchase will allow the company to broaden its product line and expand in the European market.

JBS is the world's biggest beef producer and a major poultry producer as well since the 2013 purchases of Tyson's operations in Mexico and Brazil, Marfrig's Seara subsidiary in Brazil and Frangosul, the Brazilian operation of France's Doux.

The group has nearly 200,000 employees worldwide and exports to 150 countries.
Source: AFP