Tyson Foods selling Mexico, Brazil poultry operations to Greeley-based Pilgrim's Pride
SPRINGDALE, Ark. (AP) - Tyson Foods says it will sell its poultry businesses in Mexico and Brazil for $575 million in cash to help pay debt tied to its acquisition of Hillshire Brands.
The company expects the sale to JBS' Pilgrim's Pride, which is based in Greeley, Colorado, to be completed by the end of the year.
Tyson's Mexico and Brazil operations employ more than 10,000 people combined.
Springdale, Arkansas-based Tyson says it still plans to expand its international operations, especially in Asia, but the businesses it plans to sell didn't have the scale to gain leading market positions.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.