Brazil-based food giant BRF has sold Argentinian pork unit Campo Austral to two companies, marking its exit from the country.
BRF has struck deals with local businesses BOGS and La Piamontesa de Averaldo Giacosa y Compañía, it announced today (10 January).
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BOGS is to buy a BRF plant in the city of Florencio Varela, as well as brands linked to the plant, including Bocatti and Calchaqui.
La Piamontesa de Averaldo Giacosa y Compañía has snapped up factories in San Andrés de Giles and in Pilar, as well as the Campo Austral brand.
BRF said the enterprise value of the assets sold amounted to US$35.5m. The agreements following the disposal of two other businesses in Argentina – Quickfood and Avex. The combined enterprise value of the assets stood at $145.5m.
BRF’s exit from Argentina is part of restructuring plans the company announced in June to increase its capital structure and reduce leverage.
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