Tyson Agrees To Sell Alberta Operation To XL Foods
Tyson Foods said it has agreed to sell one of Canada's largest beef-processing plants, Lakeside Farm Industries of Brooks, Alberta. Springdale-based Tyson said in an announcement Wednesday that the Lakeside operation would be sold to a Canadian company, XL Foods Inc., in a deal worth about $107 million.Tyson said it had signed a letter of intent for the sale, and expects to complete the deal by the end of September. A top Tyson official said the sale would allow the company to focus more on the Latin American markets and Asia.Tyson said the sale includes the packing, feedyard and fertilizer assets of Lakeside Farm Industries Ltd and its subsidiary Lakeside Packers. Tyson said it would retain the finished- product inventory, accounts receivables and accounts payables of the Lakeside operations as of the closing date.
The transaction is subject to government approvals as well as financing arrangements to be made by XL Foods.
Copyright 2008 4029tv.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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