Economy and Business > Refrigeration industry
The Brazilian multinational already has three slaughter plants in Uruguay; it is the second industry behind its compatriot Marfrig
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November 21, 2022 at 13:26
Minerva Foods is close to closing another acquisition of a meatpacking plant in Uruguay. As reported on Monday by the economic newspaper Valor, the Brazilian multinational signed an exclusivity agreement with the Japanese company NH Foods to negotiate the purchase of Breeders & Packers Uruguay (BPU), the flocated in Durazno with a capacity to slaughter around 1,000 head of cattle per day.
NH Foods had acquired BPU for US$135 million in 2017, a record for the Uruguayan meat industry. The BPU plant was built from scratch by the entrepreneur English Terry Johnson.
The group Minerva Foods has three refrigerating plants in Uruguayas (Carrasco, Canelones and PUL). So far this year, the three plants have slaughtered 388,764 bovines, with a participation of 18.4% of the total. The first place is occupied by Marfrig (also Brazilian) with a share of bovine slaughter of 26.6%.
According to Valor’s sources, Minerva is conducting due diligence on the BPU. The expectation is that the agreement will be completed on December 15, when the period of exclusivity of the company Vilela de Queiroz (Minerva Foods) ends. The values are not yet fully defined, but the transaction should range between US$35 million and US$45 million, sources told Valor. Rabobank is advising Minerva on the acquisition.
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