April 21, 2019
Latest News

Brazil's BRF sells European, Thai operations for $340 mn

 A worker during a technical inspection of the meat manufacturer JBS Seara in Lapa, Parana, Brazil, 21 March 2017. 
EPA- EFE/Joedson Alves

A worker during a technical inspection of the meat manufacturer JBS Seara in Lapa, Parana, Brazil, 21 March 2017. EPA- EFE/Joedson Alves

Sao Paulo, Feb 7 (efe-epa).- Brazil-based BRF, the world's largest poultry exporter, announced Thursday an agreement to sell 100 percent of its units in Thailand and Europe to Tyson International for $340 million.

The transaction remains subject to regulatory approval and to the fulfillment by the parties of the conditions set down in the contract, BRF said, describing the deal with Tyson as the final piece of a divestment program adopted last June.

"The conclusion of the divestments ensures BRF's continued deleveraging, which is our main financial priority," Lorival Luz, BRF's global chief operating officer, said in the statement.

The shedding of assets in Europe and Thailand, coupled with the earlier sale of the BRF operation in Argentina and of real estate, an inventory drawdown and an infusion of new capital via a receivables securitization fund are expected to generate $1.11 billion in total, 81 percent of the initial goal of $1.35 billion, the company said.

"We also have a solid cash position that, combined with the refinancing operations and the new loans already signed, fully covers all of the liabilities coming due in 2019," Luz said.

In recent years, anti-corruption investigations revealed that several of Brazil's biggest food-processing companies, including BRF and meatpacking giant JBS, bribed corrupt inspectors as part of a scheme to sell adulterated meat domestically or to foreign markets.

News of the scheme prompted several Asian and Latin American countries and the European Union in 2017 to impose temporary bans on the import of beef, pork and poultry from Brazil.

The EU continued to block imports from specific Brazilian plants - some belonging to BRF - in 2018.

BRF lost roughly $300 million in 2017 and the trend continued into last year, when losses for the third quarter reached $220 million.

The company said Thursday that with the monetization plan complete, it will turn its attention to "managing its businesses in markets such as Brazil and the Middle East, which were defined as priorities in the strategic planning for the next five years."

BRF, which employs more than 100,000 people at home and abroad, sells products in more than 150 countries.

News history
Besides electricity, what else does Venezuela lose in a blackout?

By Hector Pereira

The business lesson in Tiger Woods' big comeback: Rebuild, don't replace

By John D. Stoll

The inside story on the Vatican conclave that elected Pope Francis

By Cristina Cabrejas

Farming crisis looms large on India's ongoing general elections

Mathura, India, Apr 20 (efe-epa).- The discontent of farmers, the largest workforce in India, might prove decisive in the ongoing general elections, where...

Leaders from 37 countries to attend second Belt and Road forum in Beijing

Beijing, Apr 19 (efe-epa).– A total of 37 heads of state or government are expected to attend the second Belt and Road forum in Beijing next week to...

Financial turbulence hits Jet Airways, once a trailblazer of India’s aviation

By Sarwar Kashani,

Global press freedom under threat, says media watchdog report

Paris, Apr 18 (efe-epa).- The global press freedom is regressing with more and more countries putting journalists at risk and authoritarian regimes...

Peasants in Mexico seek alternatives to growing opium poppies

Chilpancingo, Mexico, Apr 17 (epa-efe).- Peasants in the southern Mexican state of Guerrero who have long subsisted by growing opium poppies want to get out...

Uruguay theater bus presents comic reenactment of Paysandu history

By Raul Martinez

India's Jet Airways suspends all flights after running out of money

New Delhi, Apr 17 (efe-epa).- Indian airline Jet Airways suspended all of its domestic and international flights as it ran out of money after a refusal by...

US to allow lawsuits against foreign companies operating in Cuba

Washington, Apr 17 (efe-epa).- Secretary of State Mike Pompeo said Wednesday that the US government would invoke a measure for the first time that allows...

Apple, Qualcomm end legal feud

San Diego (USA) Apr 17 (efe-epa).- Apple and Qualcomm agreed to dismiss all litigation between the two companies world-wide and forged a new license...

Uber shows why food-delivery business is no cheap date

Madrid, Apr. 17 (EFE).- Uber's drive to go public is lighting a fire under an already-sizzling market for online food delivery, where everyone wants to eat...

China growth beats expectations thanks to humming factories

By James T. Areddy

EU urges companies to counterattack US lawsuits on Cuba

Havana, Apr 16 (efe-epa).- European Union authorities on Tuesday committed themselves to protecting the interests of businessmen from the bloc in Cuba and...

President Andres Manuel Lopez Obrador daily press conference

Mexico City, Apr 16 (epa-efe).- President Andres Manuel Lopez Obrador on Tuesday touted the creation of more than 269,000 jobs in the first quarter, saying...

American Airlines to boost Boeing 737 MAX training

New York (USA), Apr 16 (efe-epa).- American Airlines Group Inc., after saying for months that its pilots didn't need additional ground-simulator experience...

China pushes for power of electric vehicles in face of declining sales

By Paula Escalada Medrano

Former VW chief faces new allegations

Madrid, Apr 16 (efe-epa).- German prosecutors charged former Volkswagen Chief Executive Martin Winterkorn and four others with fraud relating to emissions...

Investors suffer a smoking relapse

New York (USA), Apr 16 (efe-epa).- Much like die-hard smokers, investors are finding it hard to stay away from cigarettes, according to a Dow Jones...

Korean carrier to sell large stake

Seoul, Apr 16 (EFE).- South Korea's second-largest carrier, Asiana Airlines, will put up for sale the one-third stake owned by its controlling family as...

China's share in global output will peak at 27 percent in 2030 : OECD

Beijing, Apr 16 (efe-epa).- The Chinese economy will continue to grow at a strong pace despite signs of a slowdown, and its share in the world’s output will...

Macri predicts inflation spike in March, but says it can be eradicated

Buenos Aires, Apr 15 (efe-epa).- Argentine President Mauricio Macri on Monday predicted an inflation "peak" or spike in the figures for March - to be...

Mexican gov't reveals cheapest, most expensive places for fuel

Mexico City, Apr 15 (efe-epa).- The federal government on Monday revealed the average price for fuel by brand and which service stations in Mexico had the...

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.