JBS has put some of its business units up for sale to reduce debt. The giant Brazilian conglomerate seeks to raise at least R$15 billion (US$4.5 billion),
Folha de S
ão Paulo
reported.
Cutting debt “would make creditors more comfortable to continue renewing their lines of credit, despite the uncertainty regarding the group's future,” the article said.
Brothers Joseley and Wesley Batista, members of JBS's controlling family, have admitted to bribing politicians. The company earlier announced that it would sell its operations in Argentina, Uruguay and Paraguay to meatpacking company Minerva.
The company now plans to sell Irish corporation Moy Park, cattle-raising business Five Rivers, which operates in the U.S. and Canada, and a 19% stake in the dairy-products business of Vigor in Brazil, the article said.
JBS plans to concentrate on its more profitable operations, such as American chicken processor Pilgrim's Pride and beef businesses in the U.S. and Brazil, the report said. (Source:
Folha de S
ão Paulo
, June 21, 2017.)
-
1142 reads