Tyson Foods says it will sell its poultry businesses in Mexico and Brazil for $575 million in cash to help pay debt tied to its acquisition of Hillshire Brands.
The Springdale, Arkansas, meat processor says it still plans to expand its international operations, especially in Asia, but the businesses it plans to sell didn't have the scale to gain leading market positions.
The company expects the sale to JBS SA to be completed by the end of the year. JBS SA is the parent of JBS USA Holdings Inc., which owns Pilgrim's Pride.
Tyson's Mexico and Brazil operations employ more than 10,000 people combined.
Tyson Foods Inc. also said last week it would close three U.S. plants that have struggled financially. Those plants employ a total of 950 workers.