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May 29, 2009

BRAZIL: Marfrig gets financing boost

Brazilian meat processor Marfrig has secured BRL250m (US$126.3m) in financing from a local bank.

Brazilian meat processor Marfrig has secured BRL250m (US$126.3m) in financing from a local bank.

Marfrig said the two-year deal with Banco do Brasil was part of its strategy to secure funding in a number of currencies.

“The transaction will further strengthen the solid cash position of the Marfrig Group and is part of the company’s strategy to diversify its funding sources across the various currencies of the countries where its operating plants are located,” the company said today (29 May).

Earlier this month, Marfrig said it swung to a loss in the first quarter of 2009 despite seeing sales more than double.

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