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Tyson to sell Mexican and Brazilian poultry businesses
July 28, 2014 / 10:36 AM / 3 years ago

Tyson to sell Mexican and Brazilian poultry businesses

July 28 (Reuters) - Tyson Foods Inc, the biggest U.S. meat processor, said it would sell its Mexican and Brazilian poultry businesses to Pilgrims Pride Corp parent JBS SA for $575 million.

Tyson, which also reported a 10.9 percent rise in quarterly sales, said it would use the sale proceeds to pay down debt associated with its $7.7 billion acquisition of Hillshire Brands Co.

Net income attributable to Tyson rose 4.4 percent to $260 million, or 73 cents per share, in the third quarter ended June 28, from $249 million, or 68 cents per share, a year earlier.

Revenue rose to $9.68 billion from $8.73 billion. (Reporting by Lisa Baertlein in Los Angeles and Shailaja Sharma in Bangalore; Editing by Maju Samuel)

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