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Monday, July 28, 2014

Tyson to sell Mexican, Brazilian poultry businesses to JBS, (NYSE: TSN)

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.Tyson also reported a 4.4 percent increase in third-quarter profit and forecast sales for fiscal year ending September 2015 above the average analyst estimate.The company said it would use proceeds from the sale to pay down debt associated with its $7.7 billion acquisition of Hillshire Brands Co, which is expected to close in the current quarter."Although these are good businesses with great team members, we haven't had the necessary scale to gain leading share positions in these markets," Chief Executive Donnie Smith said in a statement.

Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN fell by 0.58% or $-0.23/share to $39.54. In the past year, the shares have traded as low as $26.97 and as high as $44.24. On average, 4385680 shares of TSN exchange hands on a given day and today's volume is recorded at 2299199.