Tyson Foods, Inc. of Springdale has reached a definitive agreement with JBS SA to sell its poultry businesses in Mexico and Brazil, the company announced Monday.
JBS SA is the parent of JBS USA Holdings Inc., which owns Pilgrim's Pride. Tyson's Mexican business will be acquired through Pilgrim's Pride. The Brazilian business, known as Tyson do Brasil, is to be acquired through JBS Foods, also a wholly owned subsidiary of JBS SA.
The transaction is valued at $575 million and will be paid for in cash, according to a news release. Tyson Foods officials expect the sale, which is subject to regulatory approval, to be completed by the end of the year.
Earlier this month, Tyson Foods reached an agreement to buy Hillshire Brands Co., the maker of Jimmy Dean sausages and Ball Park hot dogs. The... [ MORE ]