Meatpacker Swift to be sold(Target ICE Raids to Brazilian Company)

[RamboLiberal]

Source: Denver Post

Greeley-based meatpacker Swift & Co., the target of huge immigration raids last year, will be sold to a Brazilian company in a $225 million cash deal that will create the world's largest beef processor.

J&F Participacoes S.A., owner of 77 percent of Brazil's JBS S.A., Latin America's largest beef processor will acquire Swift in a deal worth approximately $1.4 billion. J&F will assume approximately $1.2 billion in Swift's debt plus all transaction related expenses.

Swift has struggled to recover from bans on American beef in Asia that hurt sales and an immigration raid that slowed production for months, said Steve Kay, editor and publisher of Cattle Buyer's Weekly in Petaluma, Calif.

The company, once a unit of agri-giant ConAgra, is owned by buyout firm HM Capital - formerly Hicks, Muse, Tate & Furst, and ski resort mogul George Gillett's Booth Creek Management, which bought the company in 2002.

The announcement comes about four months after Swift, which was targeted by a wide-scale immigration raid in December, said it was reviewing its operations and looking at a potential sale.



Read more: http://www.denverpost.com/ci_6012329

[Double T]

1. The sell-off and sellout of America continues as monopolies..........

become larger.

[jody]

2. Monopolies become larger and progress toward corporatism grows like a cancer. n/t

[acmavm]

3. Ownership will be a foreign company? Okay, no more corporate

personhood. No more tax breaks that US companies get.