April 7, 2016

Marfrig to sell meatpacking and livestock confinement units in Argentina

Marfrig Global Foods SA will sell three meatpacking entities along with a livestock confinement unit in Argentina to a subsidiary of China's Foresun Group for US$75 million.

The subsidiary, Black Bamboo Enterprises SA, will take over the meatpacking operations in the towns of Hughes, Vivoratá and Unquillo as well as the confinement unit in Monte Ralo.

Black Bamboo has agreed to pay US$34 million in cash this week. The remaining amount is due over the next 12 months.

Marfrig will continue to operate a meatpacking unit in the Argentine province of San Luis.

- Reuters