Bunge, the leading agri-commodities business, has announced it has reached a deal to sell its margarine and mayonnaise assets in Brazil to JBS subsidiary Seara Alimentos, which primarily markets meat products, in a deal worth around R$700 million ($174 million).
The transaction includes three production plants in Gaspar (SC), Sao Paulo (SP) and Suape (PE), as well as the retail brands Delicia and Primor, and the foodservice brand Gradina.
“The transaction is in line with our strategy of expanding our portfolio with well-known brands and added-value products”, JBS is reported as saying.
“The deal will strengthen Seara’s position in the margarine category in Brazil and optimise its distribution platforms”, the firm continued.
Bunge CEO Greg Heckman added that the deal “further streamlines our operations in Brazil around our core capabilities, while providing good value for a solid business”.
As part of the deal, the two companies have negotiated supply, toll manufacturing and brand license agreements, Bunge said.
Source: Bunge / Acionista.com.br