‘Business as usual’ as JBS S.A. puts Moy Park up for sale

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The Chief Executive of Moy Park, Janet McCollum, says their priority remains ‘business as usual’ after parent company JBS SA announced that it plans to sell its shareholding interest in the Craigavon based company.

Moy Park, which has its headquarters in Craigavon, County Armagh, is one of Northern Ireland’s largest firms, employing more than 9,000 people.

JBS S.A. today announced a divestment programme of ‘non-core and less strategic assets’. The company’s executive directors estimate that the divestment programme will result in a capital injection of approximately R$6 billion (additional to the R$1 billion already announced with the sale of operations in Argentina, Paraguay and Uruguay).

Assets involved in the divestment programme include the sale of its 19.2% shareholding interest in Vigor Alimentos S.A.; the sale of its shareholding interest at Moy Park, and sale of Five Rivers Cattle Feeding assets and farms.

The divestment programme will reduce the Company’s net debt and, consequently, its financial leverage, strengthening JBS’ financial structure.

Janet McCollum, Moy Park Chief Executive said: “Earlier today, JBS S.A. announced a programme of divestment focused on strengthening JBS’s financial position through net debt reduction. The assets currently under consideration for sale include the Moy Park business.

“Moy Park is a successful and growing food business with a solid financial standing. I have no doubt that our success is due to the great strengths of this business – our exceptional people, innovation and performance. I also know that this will ensure our continued growth and stability well into the future.

“Our priority remains business as usual – delivering outstanding quality, innovation and service to our customers and consumers.”