Tyson to sell Mexican, Brazilian poultry business

Springdale, Ark.-based Tyson Foods Inc., the biggest U.S. meat processor, said it would sell its Mexican and Brazilian poultry businesses to JBS SA, the world's No. 1 meat producer, for $575 million.

Proceeds of the sale would be used to pay down debt associated with the $7.7 billion acquisition of Hillshire Brands Co., which is expected to close in the current quarter, according to Fox Business.

"Although these are good businesses with great team members, we haven't had the necessary scale to gain leading share positions in these markets," Tyson CEO Donnie Smith said in a statement.

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