Tyson Foods Inc, the biggest U.S. meat processor, said on Monday it would sell its Mexican and Brazilian poultry businesses to bigger global rival JBS SA's Pilgrim's Pride for $575 million.Tyson also reported a 4.4 percent increase in third-quarter profit and forecast sales for the fiscal year ending September 2015 above Wall Street analysts' estimate. Shares in Tyson jumped 3.1 percent in early trading.Proceeds from the sale of Tyson's Mexico and Brazil poultry operations will be used to help pay down debt associated with its $7.7 billion acquisition of Hillshire Brands Co, which is expected to close before Sept. 27.The Mexico and Brazil poultry operations being sold were good businesses for Tyson but lacked "the necessary scale to gain leading share positions," Chief Executive Donnie Smith said on a conference call with analysts.
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 traded higher by 4.93% or $1.95/share to $41.49. 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 1923867.
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