plans to sell its China poultry business, three people with knowledge of the matter said, in the latest case of a multinational firm looking to divest from the country in recent years.to advise on the sale and sent preliminary information to potential buyers including a number of private equity firms, said two of the people, adding the sale process was at an early stage.
While it was not immediately clear what valuation Tyson Foods is seeking for the China poultry business, it has annual sales of about $1.1 billion, one of the people said. Springdale, Arkansas-based Tyson Foods and Goldman Sachs declined to comment. The sources, who did not say why Tyson was planning to sell the business, declined to be identified because the information was confidential.Tyson said this month it was evaluating all operations and closing four more U.S.
A string of multinational firms have divested their China businesses or pared their holdings in the last few years as some found it hard to reap desired profits amid the country's slower economic growth, strong local competition or geopolitical headwinds,Foreign companies have divested a combined $8.4 billion of Chinese assets across all sectors so far this year, following $13.5 billion of disposals in 2022, Dealogic data showed.