A press release from Margrig Global Foods and translated from Portuguese confirms the company has completed the sale of its Keystone division.
The Aug. 20 announcement said Marfrig Global Foods, the world’s second-largest beef company in capacity, had signed a contract for the sale of Keystone Foods to Tyson Foods for $2.4 billion. The hamburger plant, located in North Baltimore, OH, with annual revenue of around $ 300 million and representing 11 percent of Keystone’s total revenue, remains under the control of Marfrig.
The sale of Keystone and the acquisition of control of National Beef Packing Company, LLC will contribute to Marfrig having one of the best indices of leverage in the animal protein sector. Keystone was purchased by Marfrig in June 2010 for $1.26 billion.
“During this period we were able to add value, increase profitability and serve customers properly. Everything was reflected in the current selling price,” says Marcos Molina, chairman and controller of Marfrig Global Foods.
