JBS asserted that does not plan to sell its stake in broiler company Pilgrim’s, or any of the Brazil-based company's other assets in the United States.
The company affirmed its devotion to U.S. operations, one day after it announced it would sell its beef operations in Argentina to Minerva. That transaction, according to Reuters, is valued at $300 million, and includes JBS plants in Paraguay and Uruguay. The deal is expected to close in July.
The company, which also owns Northern Ireland-based poultry company Moy Park, added that other assets would not be sold. “No core assets at JBS USA, or any other part of the world, are candidates for sale,” JBS said in a statement.
The statements concerning what assets are and are not for sale follows a scandal in which JBS leaders admitted to bribing Brazilian politicians. Joesley Batista and Wesley Batista, who respectively were the company’s chairman and vice chairman, have both stepped down from those roles. Tarek Farahat has taken over as the new chairman of JBS.
UPDATE 1-JBS says Pilgrim's Pride stake not for sale
JBS Sells Beef Operations in Argentina, Paraguay and Uruguay
SÃO PAULO—Brazilian meatpacker JBS SA said early Tuesday it agreed to sell its beef operations in Argentina, Paraguay and Uruguay for $300 million. The world’s biggest beef company, which has become entangled in Brazil´s largest corruption scandal, will sell its stakes in the beef operations in the three countries to Pul Argentina SA, Frigomerc SA and Pulsa SA for a total of $300 million, subject to some adjustment, JBS said.