The food company Marfrig reported a US $ 1.4 billion sale for its subsidiary Keystone Foods to the US company Tyson Foods, following contractual adjustments such as the exclusion of its debt for the unit operating in the United States.
The contract was closed on August 20 for a value of some US $ 2.4 billion, in a move that sought to reduce Marfrig’s financial leverage and concentrate operations in the beef segment.
“The conclusion of this transaction improves the capital structure of the company, significantly reducing its level of financial leverage, and is in line with its vision of being a simpler and more focused company,” Marfrig said in a statement.
Keystone Foods is a major supplier of chicken products to McDonald’s. The unit was acquired in 2010 by Marfrig for US $1.2 billion.
Two weeks ago, Marfrig Global Foods reported that the sale of Keystone Foods to Tyson Foods was approved by the regulatory body of South Korea, the last stage necessary for the completion of the business announced on August 20.
The previous authorizations were from China, Japan, the United States and Malaysia.