Brazilian food processing company BRF announced that it has divested Argentine chicken and margarine producer Avex for $50 million.
The divestment comes after Brazilian food processing company Marfrig secured a deal to acquire BRF’s Argentina subsidiary Quickfood for $55 million.
BRF revealed that Marfrig will take over the production at its plant in Várzea Grande, Brazil, worth $25.6 million to produce beef patties and meatballs and will produce products to BRF for five years.
In July, the company will offload some operational units in Europe, Thailand and Argentina as part of restructuring plans.