Tyson Foods To Divest China Poultry Business: Report

Tyson Foods Inc TSN is reportedly planning to sell its China poultry business.

The company has hired The Goldman Sachs Group Inc GS as an advisor for the divestiture, which is at an early stage, people familiar with the matter told Reuters.

The U.S. meat and processed food maker had sent preliminary information to potential buyers, which includes several private equity firms.

It is not clear what valuation Tyson Foods is seeking for China Poultry business, which saw an annual sales of around $1.1 billion.

Earlier this month, Tyson reported Q3 FY23 results, with the revenue and EPS missing the consensus. 

The company had earlier decided to close four chicken facilities in the U.S. to boost operational performance.

Price Action: TSN shares closed lower by 0.61% at $53.40 on Wednesday.