MINERVA FOODS COMPLETES TRANSACTION TO ACQUIRE MARFRIG SLAUGHTER AND DEBONING PLANTS IN BRAZIL, CHILE AND ARGENTINA

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(MENAFN- PR Newswire)

With the closing of the transaction in the three countries, the company becomes the second-largest beef producer in South America and expands its access to international markets, such as North America, Europe, the Middle East, and Asia.

SAO PAULO, Oct. 28, 2024 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – nasdaq International: MRVSY), a leading exporter of fresh beef and its derivatives in South America, after receiving approval from Brazil's antitrust authority (CADE), completed the Acquisition of Marfrig assets in Brazil today. The Company completed the acquisition of 13 plants slaughter and deboning plants for cattle and sheep, as well as a distribution center, to its operations, in accordance with the transaction announced in August of last year.

As of now, the company will have the capacity to slaughter 22,336 head a day in 21 plants in the Brazilian market. The company is also moving forward with the integration of 1 cattle slaughter and deboning plant in Argentina, and another lamb plant in Chile, as part of the same deal, and will have the capacity to slaughter 5,978 head a day in six plants in Argentina; the lamb operation will now include 25,716 head a day in five plants in the Australian and Chilean markets.

This deal expands the company's access to international customers, giving it greater exposure to markets such as North America, Europe, the Middle East, and Asia, making it the leading supplier of beef to China, with the largest number of plants in the sector authorized to export to that country.

The integration of the new plants also contributes to Minerva Foods being better positioned to meet the growing global demand for beef, through a platform marked by its efficient production from South America, maximizing the competitive advantages of our continent and expanding opportunities by capturing operational and commercial synergies.

This movement allows the Company to maximize its capacity in the global animal protein market, minimizing risks and enhancing opportunities, in addition to operating cattle production cycles more efficiently in different countries on the continent. The deal also strengthens Minerva Foods' position in the domestic market, as the company becomes the second largest beef producer in South America, also expanding access and capillarity in the South American domestic market.

According to Fernando Queiroz, CEO of Minerva Foods, the completion of this stage is an important step in the company's business strategy, complementing its operations in South America. "For more than 30 years, we have built a strong track record in the animal protein market, creating connections between people, food, and nature. We are pleased to take another major step in our global positioning, and even more excited to strengthen our team with the new members who will join as a result of the integration of the new plants", explains Queiroz.

The deal with Marfrig includes the acquisition of 3 cattle slaughtering and deboning plants in Uruguay, which are currently under review by the country's competition authority. In total, the deal will involve the purchase of 16 slaughter and deboning plants across South America, as well as a distribution center in Brazil, encompassing a total investment of approximately R$ 7.5 billion.

*Exchange rate (08/28/23): 1 USD = 4.8933 BRL.

SOURCE Minerva Foods

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