Tyson Foods is planning to sell its China poultry business, according to exclusive reporting by Reuters citing three sources with knowledge of the matter. The sale process was at an early stage, but two of the sources confirmed that the company had hired Goldman Sachs as an advisor for the potential sale. The company also reportedly sent preliminary information to potential buyers, which included private-equity firms, the news report stated.
Tyson Foods and Goldman Sachs declined comment to Reuters, and the sources cited did not know what Tyson’s asking price would be but said that the business generated $1.1 billion in annual sales.
Earlier this summer, Cargill sold its China poultry business to a Beijing private-equity firm, and Tyson has been clobbered this year — most recently announcing the closure of four poultry plants after posting another significant loss in the third quarter.
