Moy Park on market in JBS sell-off

A billion dollar divestment programme by Brazilian food giant JBS will see NI firm Moy Park back on the market just two years after it was bought by the South American firm.

Moy Park, headquartered in Craigavon, was bought in 2015 from another Brazilian firm, Marfrig.

It is one of Northern Ireland’s largest employers, with over 9,000 workers.

JBS said the sale was part of a wider plan to raise about $6 billion (£1.4 billion).

Janet McCollum, Moy Park chief executive, said: ““Earlier today, JBS SA 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.

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

“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.”

JBS has been hit with a number of controversies, facing investigation over corruption allegations. Its former chairman, Joesley Batista, has also been involved in a high profile spat with Brazilian president Michael Temer.

The company is also dealing with Brazil’s crippled economy, which has suffered negative growth, swelling national debt, and heavy inflation in recent years.

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