- The Washington Times - Friday, March 13, 2009

SPRINGDALE, ARK. (AP) - Tyson Foods Inc. said Friday it had completed the sale of its Lakeside Farm Industries operation in Alberta, Canada, to XL Foods Inc.

The sale of the plant at Brooks, Alberta _ one of Canada’s largest beef-processing operations _ was announced last June.

Tyson said at the time that the deal, denominated in Canadian dollars, was worth about $107 million. At the time, the values expressed in Canadian dollars represented approximately the same values in U.S. dollars, as the two currencies were trading near a 1-to-1 exchange rate.

However, since that time, the Canadian dollar has declined against the U.S. dollar. On Friday, when the deal was closed, the Canadian dollar was worth about 79 cents in U.S. currency.

The Tyson announcement said that the deal included payment on Friday of $55.5 million Canadian, in cash, or about $43.7 million U.S. Tyson said another $50 million Canadian, plus interest, would be paid over a five-year period, making the overall value of the deal dependent on future exchange rates.

XL is part of the Nilsson Bros. Group, a Canadian cattle feeding and marketing company.

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide