Brazilian meat company JBS sells Moy Park for €832m

JBS, the Brazilian meat company whose former chairman was arrested over the weekend, has agreed to sell poultry producer Moy Park to another subsidiary for about $1bn (€832m).

Moy Park, which employs 6,300 people at plants in Craigavon, Co Armagh, Dungannon Co Tyrone, and Ballymena, Co Antrim, also has operations in the Republic, France and the Netherlands. It processes 5.7 million chickens a week.

The deal will achieve about $50m in annual cost savings over the next two years, according to the acquirer, Pilgrim’s Pride.