August 19, 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
Japan's trade deficit widened by 9.8 percent in July

Tokyo, Jul 19 (efe-epa).- Japan had a trade deficit of 249.6 billion yen ($2.35 billion) in July, a 9.8-percent increase compared to the same month last...

Trump acknowledges US' interest in buying Greenland from Denmark

Washington DC, Aug 18 (efe-epa).- The president of the United States on Sunday said that Greenland was strategically interesting for his country, although...

Trump defends China policy, says US economy is world's best

Washington, Aug 18 (efe-epa).- President Donald Trump on Sunday defended his strategy versus China, on whose goods Washington has imposed heavy tariffs as...

Lacunza to be Argentina's new treasury minister as Dujovne quits

Buenos Aires, Aug 18 (efe-epa).- President Mauricio Macri said Sunday that Hernan Lacunza "is the right person" to replace former Finance Minister Nicolas...

Anti-government rally in Hong Kong

By Steven Russolillo, Joanne Chiu and Eli Binder

Quito video art makes viewers reflect on migration, environment and memories

Quito, Aug 16 (efe-epa).- An unprecedented exhibition in the Ecuadorian capital is making viewers reflect on such concepts as migration, the environment and...

Delivery workers unite to protect themselves from Mexico City dangers

By Zoilo Carrillo

Woody Allen wraps up filming of new romantic comedy set in Spain

San Sebastian, Spain, Aug 16 (efe-epa).- American director Woody Allen on Friday completed shooting on his latest movie, a romantic comedy filmed in Spain...

UK government names Ataer Holdings preferred bidder for British Steel

By Oliver Griffin

Foreign tourism to Mexico up 7 pct. in 1st half of 2019

Mexico City, Aug 15 (efe-epa).- The number of foreign tourist arrivals in Mexico in the first half of 2019 rose 7 percent relative to the same period of...

Iran: US attempt to stop release of seized tanker an act of attempted piracy

Tehran, Aug 15 (efe-epa).- Iran on Thursday said the United States' unsuccessful attempt to prevent Gibraltar's authorities from releasing a seized Iranian...

Alibaba's sales jump 42%, beating expectations

By Stu Woo

Japanese economy starts feeling effects of diplomatic spat with South Korea

By Antonio Hermosin

Bogota has many advantages in attracting foreign investment

Bogota, Aug 14 (efe-epa).- In the past 10 years, Bogota has received some $20 billion in foreign investment via more than 1,100 projects that have created...

Wall Street plunges, Dow Jones down 3.05 pct.

New York, Aug 14 (efe-epa).- Wall Street closed Wednesday with heavy losses and the Dow Jones Industrial Average, the benchmark indicator, dropped 3.05...

Panama Canal optimistic after China gets reprieve on US tariffs

Panama City, Aug 14 (efe-epa).-The Panama Canal on Wednesday applauded the United States government's decision to postpone new tariffs on a range of Chinese...

ECLAC: FDI in Latin America up last year for 1st time since 2012

Santiago, Aug 14 (efe-epa).-Foreign direct investment in Latin America rose 13.2 percent in 2018, ending a five-year spell of FDI contraction, the Economic...

Germany's economy contracts by 0.1 percent in Q2

Berlin, Aug 14 (efe-epa).- Germany's economy contracted by 0.1 percent in the second quarter of 2019, the country's statistics office said in a statement...

Hong Kong court bans protests from airport

Hong Kong, Aug 14 (efe-epa).- A Hong Kong court on Wednesday ordered demonstrators to cease their protests at the city's airport and to stop interfering...

CBS, Viacom to merge, creating ViacomCBS

New York, Aug 13 (efe-epa).- CBS and Viacom announced on Tuesday a merger agreement that will reunite the two companies, which previously merged but then...

Brazil successfully completes auction of port terminals

Rio de Janeiro, Aug 13 (efe-epa).- The Brazilian government raised 148.5 million reais (about $37.5 million) on Tuesday from auctions of terminals on the...

Brazil teeters on brink of recession

Carlos Meneses Sanchez

US to delay imposing tariffs on some products from China

Washington, Aug 13 (efe-epa).- The US government said Tuesday it would hold off on imposing 10 percent tariffs on certain products imported from China until...

Mexico's tourism activity falls 0.60 pct. in 1st qtr. of 2019

Mexico City, Aug 13 (efe-epa).- Mexico's tourism activity fell 0.60 percent in the first quarter of this year, compared to the same period in 2018, due to a...

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