US meat processing giant Tyson Foods has completed the sale of its unit in Brooks, Alberta, Canada, to XL Foods.
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The sale of one of Canada’s largest beef-processing operations was announced last June for C$107m, with the deal being denominated in Canadian currency. At that time, the Canadian and US dollars were trading more or less at parity but subsequently the Canadian dollar has declined to US$0.79.
Tyson said the deal included payment on 13 March of C$55.5m in cash, with a further C$50m, plus interest, to be paid over a five-year period. This made the overall value of the deal dependent on future exchange rates, Tyson added.
XL is part of Nilsson Bros Group, a Canadian cattle feeding and marketing company.
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