JBS sells Canada cattle feeding operation for $40 million

July 17, 2017

Brazil’s JBS SA has agreed to sell its feed lots in Canada and an adjoining farm to MCF Holdings Ltd for $40 million, the company said in a securities filing on Friday.

According to the terms of the agreement JBS’ subsidiary Food Canada Inc. signed, MCF will continue to supply cattle to JBS Canada’s unit in Brooks, the filing said. On June 20, after its controlling shareholder paid a record fine for involvement in corruption, JBS announced the intention to sell $1.8 billion in assets, including its U.S. cattle feeding operation.

By Tatiana Bautzer

Source: Reuters