Marfrig continues meat expansion
Meat giant Marfrig has annnouced it has bought-out the entire operations of a Brazilian company owned by US firm Cargill in a deal worth $706.2m.
The Seara brand will now be in the hands of Marfrig in an agreement to be made at the end of this year which will see it take over a number of breeding and slaughtering units as well as a private port and distribution and trading operations in the UK, Japan and Singapore.
In a statement, Marfrig said: “The businesses in Brazil and abroad will be integrated with the other divisions of the Marfrig Group that have operations based on poultry, pork and prepared products, while capturing synergies with all the other divisions of Marfrig Alimentos S.A.
“Marfrig stated its interest to Cargill at the same time it was doing a revision on Seara’s strategic plan. After evaluating the Marfrig’s proposal and considering current changes in the industry dynamic of animal protein in Brazil, Cargill realised that the combination between Marfrig and Seara would make more sense now and in the future.”
The Brazilian meat processor now aims to expand its processed food capacity in Brazil becoming the second-largest player in the domestic and export markets for poultry and pork and one of the largest in the world in the added-value processed products market.
The deal follows a merger earlier this year between Perdigão and Sadia to create Brasil Foods. Marfrig also bought Moy Park of Northern Ireland in November 2008.
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