Global meat processing company JBS is planning to commence a divestiture process of certain assets, a move that will help the firm to focus on its key strategic areas, protect core assets and reduce net debt.

The divestiture proposal received approval from the company’s board of directors following a review.

The firm has decided to sell Five Rivers Cattle Feeding assets, along with controlling stakes in Moy Park, a Northern Ireland-based poultry business, and Vigor Alimentos, a Brazilian dairy company, reported

"Selling these assets is core part of its strategy to bolster its competitive advantage in the global food industry."

In 2015, JBS acquired Moy Park from Marfrig Global Foods for nearly $1.5bn.

The company expects that the sale of the assets will enable it to focus on its core businesses offering food and value-added products.

JBS Five Rivers will continue to operate as usual until the closure of a transaction.

JBS USA intends to continue agreements on purchasing cattle from feedlots associated with Five Rivers Cattle Feeding operations.