Business

North's biggest firm Moy Park sold for $1.5 billion

Moy Park is headquartered in Craigavon and employs 8,500 across Northern Ireland
Moy Park is headquartered in Craigavon and employs 8,500 across Northern Ireland Moy Park is headquartered in Craigavon and employs 8,500 across Northern Ireland

NORTHERN Ireland's biggest employer Moy Park has been sold between Brazilian firms for $1.5 billion (£950m).

JBS hopes to complete the deal to buy the company from Marfrig by the end of the year.

It will pay $1.19bn (£750m) in cash and will assume Moy Park's debt of around £200m.

The deal requires approval by European competition regulators.

Moy Park, headquartered in Craigavon, employs around 8,500 in the north and more than 3,500 in facilities in Britain, Holland and France.

Moy Park accounts for 26 percent of Marfrig's revenues.

JBS investor reltaions officer Jeremiah O'Callaghan said: "This transaction represents an important step in JBS' strategy to grow its portfolio of prepared and convenient products with high value added portfolio."

Marfrig said in a statement that it will focus increasing beef exports from Brazil to Asia and the United States, boosting free cash flow generation and expanding its food service business through its Keystone subsidiary.