Brazil's poultry, pork and beef supplier, Marfrig, is selling its U.S. and European distribution unit for $400 million to Martin-Brower Co. in order to boost its cash position, according to the company.
Marfrig acquired the unit in 2010 as part of the $1.26-billion purchase of Keystone Foods Holdings LLC. The company decided to sell the unit because it focuses on logistics, while Marfrig is focused on the meat business, according to Chief Executive Marcos Molina. "Since we took over Keystone, we knew we would eventually sell [the unit]," he said.
The sale is expected to conclude in the fourth quarter of 2011.
Marfrig acquired the unit in 2010 as part of the $1.26-billion purchase of Keystone Foods Holdings LLC. The company decided to sell the unit because it focuses on logistics, while Marfrig is focused on the meat business, according to Chief Executive Marcos Molina. "Since we took over Keystone, we knew we would eventually sell [the unit]," he said.
The sale is expected to conclude in the fourth quarter of 2011.
No comments:
Post a Comment