Brazil's BRF Launches Restructuring Plan, To Sell Assets In Europe
Brazil's BRF SA, one of the world's largest pork and poultry processors, announced on Friday a large restructuring plan that includes selling operations in Europe, Argentina and Thailand to cut debt.
In a securities filing and a conference call with investors and analysts, the company said it will adjust operations in 22 of its 35 plants to match production to smaller demand. It plans to raise 5 billion reais with asset sales and securitisation of receivables.
In February, BRF reported that net operating revenue for the full year totaled R$33.5 billion, a drop of 0.8% compared to 2016.
Gross profit amounted to R$6.9 billion, while Adjusted EBITDA touched R$2.9 billion.