|Swift Sells to Brazilian Company
(July 1, 2007) Greeley-based meatpacker Swift & Co. will be sold to a Brazilian company in a $1.4 billion deal that will create the world's largest beef processor.
J&F Participações S.A., owner of 77 percent of Brazil's JBS S.A., Latin America's largest beef processor, will acquire Swift for $225 million in cash. J&F will assume about $1.2 billion in Swift's debt plus all transaction-related expenses.
The acquisition will give JBS access to the United States, the world's top consumer of beef, and open Asian markets such as Japan, which ban imports from Brazil. The combined company will have annual revenues of about $12 billion.
The deal, which is subject to antitrust review by the Federal Trade Commission and the Department of Justice, is expected to close in July.
The American Sheep Industry Association understands the deal includes the lamb and pork operations and business will continue as usual.