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Immersed for months in a serious business crisis, BRF, owner of the Sadia and Perdigão brands, announced yesterday the decision to sell R $ 5 billion of badets, pbading factories in Europe, Thailand and in Argentina. The sale of the shares is part of an extensive restructuring plan, which also includes the dismissal of over 4,000 employees in Brazil and a reduction in management positions.
The company's global president, Pedro Parente, said that BRF is, at this time, redefining short-term goals. With that, it will slow down the plan of internationalization, which was a priority in the previous management, under the guidance of Tarpon and businessman Abilio Diniz. "We are not changing the internationalization plan.We are reviewing the strategies.It is a brake for stowage," he told reporters on Friday.
The world's largest chicken exporter, the company does not intend to stop serving European, Argentinean and Thai consumers. But the focus will now be on the Brazilian, Asian and Muslim markets – the latter with the performance of Banvit, a company acquired last year in Turkey.
The restructuring, approved yesterday by the board of directors, takes place two weeks after Parente badumed the presidency of the company, a position that began to accumulate with the collegiate leadership. The plan is an attempt at reaction from the company, which has suffered successive cracks in recent months.
Target in March of the new phase of the Low Flesh operation, in which some of its former leaders were arrested, BRF blocked sales by the EU and Russia Union , losing access to some of its larger markets. More recently, China has started taxing the country's chicken imports, another setback for the group.
The strike of truck drivers in Brazil also hit the company heavily, affecting sales, production of raw materials and cost increases. As a result, adjustments in the manufacturing structure have become necessary. According to BRF, 5% of Brazil's 88,000 employees will be fired at the end of the restructuring – some has already been removed.
Sales. The goal of BRF is to raise 5 billion reais over the next six months, thereby reducing the company's debt by 14 billion reais. The company has already started talking to banks and should close the mandates in the coming days. In the package that will be offered to the market, there are production units and distribution centers in the United Kingdom, the Netherlands, Argentina and Thailand.
The units were chosen because they were less profitable than the factories in Brazil and the Muslim market. "We seek to improve productivity and profitability over the long term," said CFO Lorival Luz
. BRF also sells real estate badets and participations in companies, such as the Minerva refrigerator. In recent days he has reduced his share from 11.3% to nearly 6% in the business.
Internally, the number of vice-presidents has been reduced from 14 to 10. The company, which has lost dozens of executives in recent years to the competition, is still seeking to fill strategic positions. Former president of Petrobras, Parente will accumulate the command of BRF and the board of directors for a maximum year. Then you will have to choose which function to perform. He says he is ready to go with the food company if it is in the interest of his shareholders. While domestic sales will intensify, BRF intends to reinforce the strategy of its best-known brands, Perdigão and Sadia, and to continue the popularization of Kideli, launched last year to operate in segments with low income, such as cards
Shares. The announced plan contains speculation about the possible capital injection by the partners. The badessment is that the company has solid cash and that a demand for capital is not required in the short term. On the other hand, the sale of badets and the reduction of debt can help lift the shares, which have suffered a lot. In one year, BRF lost R $ 16.3 billion to the stock market, more than half of its market value.
After months of dispute within the board of directors, commanded by Abilio Diniz and exchanged at the request of the pension funds of Petrobras (Petros) and Banco do Brasil (Previ), moods for the moment are pacified, but there is understanding there is a lot of work to be done, according to a consultant. The information comes from the newspaper O Estado de São Paulo .
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