Brazilian meat processor JBS has reached an agreement with Bunge for the purchase of its margarine and mayonnaise assets in Brazil.
The deal, conducted via JBS’s processed food unit Seara Alimentos, includes three production plants (in Gaspar, São Paulo and Suape) and brands including Delícia, Primor and Gradina.
The transaction is worth BR$ 700 million (€155 million) and is subject to the approval of competition authorities.
In a statement, JBS said the deal 'strengthens the position of Seara in the Brazilian margarine market by optimising its distribution system', and is in line with the company's strategy to expand its portfolio of 'branded products and products with higher added value'.
According to Bunge CEO, Gregory Hackman, the transaction will simplify the company’s operations in Brazil by enabling it to focus on its main activities.
New York-based Bunge is a leading global supplier, processor, and supplier of grain and oilseed products and ingredients.
Separately, JBS has also announced the completion of Seara's purchase of Frigorifico Marba, following the prior approval of the deal by the Brazilian antitrust authority.
The purchase, announced in November, is in line with the company’s strategy of expanding its portfolio of higher added value brands and products. Marba has annual revenues of about R$ 350 million (€77.4 million).
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine