Tyson Foods says it plans to sell its chicken operations in Mexico and Brazil for $575 million in cash to JBS SA.
JBS SA is the parent of JBS USA Holdings, which owns Pilgrim's Pride. Tyson's Mexican business will be acquired through Pilgrim's Pride.
Proceeds from the sales are to be used to help pay debt from Tyson's Foods' $7.75 billion acquisition of Hillshire Brands.
The company also reported Monday that its third-quarter earnings climbed to $260 million, or 73 cents per share, from $249 million, or 68 cents per share, in the same quarter a year earlier. Adjusted earnings totaled 75 cents per share, which missed average analyst expectations of 83 cents per share, according to Zacks Investment Research.
Shares of Tyson Foods climbed 2.6% percent Monday to close at $40.56.
Total returns through July 28
Source: FactSetAssociated Press
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