Northern Ireland’s biggest private employer Moy Park, has been sold in a deal worth €1.32bn.
According to The Irish Times, the Brazilian company Marfrig has sold its Craigavon-based poultry producer to rival company JBS, in order to pay down debt.
JBS is the world’s biggest meatpacker, which has operations in Brazil and processing plants across the United States, South America, Canada, Mexico and Australia.
Marfrig currently employs 8,500 people in Northern Ireland and as part of the JBS deal will acquire Walsh Family Foods, maker of Dublin delicacy, the spice burger.
The deal which requires approval from European antitrust regulators, will see JBS pay €1.05bn in cash and take on Moy Park’s debts.
It’s expected that the deal will be concluded by the end of the year.
(Lead image via Moy Park Facebook page)