Eduardo Elsztain sold his Carnes Pampeanas refrigerator for $ 10 million

By letter addressed to the National Securities Commission, Cresud SACIF announced yesterday that it has finalized the sale of 100% of the shares of Sociedad Anónima Carnes Pampeanas SA, owner of the Carnes Pampeanas refrigerator, located in the province of La Pampa.

In the letter, signed by María Laura Barbosa, the company’s lawyer, it was also announced that the amount of the sale transaction had been agreed to $ 10 million, which has already been paid in full. Although there is so far no official announcement in this regard, in the world of the cattle and meat chain it turned out that the buyer would be Frigorífico Alberdi.

On the other hand, the company has indicated that the accounting result of the operation will be a profit of approximately ARS 620 million, which will be recognized in the financial statements of the company for the third quarter of the fiscal year of this year. .

Carnes Pampeanas SA, was acquired by Cresud in 2007 in partnership with Tyson Foods and Cactus Freeders. Since 2011, his stake in the company has increased, reaching all shares of the company.

In the domestic market, Carnes Pampeanas has worked closely with major supermarket and retail chains, articulating their logistics for national projection. And with regard to international trade, through its foreign trade department, it has coordinated and marketed its products to the European Union, Israel, Brazil, Chile, the United States, Canada and the United States. Russia.

While Cresud did not provide details on why the company sold the refrigerator, sources in the livestock market assured that Carnes Pampeanas is not currently positioned as one of the benchmarks at the level. national. A situation which leads to the non-respect of the central objectives of the Irsa Group, which is characterized by developing companies to become a leader or to be among the first companies.

The current situation of the meat processing industry

To all this, we must add that The domestic refrigeration industry is not having a good time and lately all kinds of alarms have been raised in the sector, due to the closure of exports to the European market due to the pandemic, and China is also airtight after paralyzing meat shipments for the detection of the presence of Covid19 in the packaging. At the same time, local labor is declining as well as domestic demand due to the crisis.

Referents from the refrigeration sector have underlined in recent weeks that the first month of 2021 marked a sharp drop in local slaughter, affected by the drop in domestic demand and also in exports. There, the colon, suffered a significant drop. And when that happens, the cost issues of the refrigeration industry emerge, which is an industry that wins with volume and when production goes down the impact is twofold.

“The meat chain in Argentina has experienced optimum growth, after the liquidation of the stock of beef, recorded between 2018-2019. Without cheap credit or internal incentives, the sector must reinvest on its own funds. This makes all production growth very slow, ”said a businessman in the meat processing industry.

And he added: “There is an international demand and today we have a national production which allows us to support the volume of exports in 2020 and also the demand of the domestic market. This, thanks to the recovery recorded in the farm price at the end of last year, prompted the breeder to continue betting. Without this recovery in farm gate prices, we would not have the production necessary to cover the orders for 2022 and 2023 ”.

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