The plant is located in the city of Bataguassu, in the State of Mato Grosso do Sul, Brazil.

Brazilian meat company Marfrig has closed the sale of a leather manufacturing plant to the Viva Group, a joint venture between Viposa and Vancouros, both Brazilian leather companies, for 100 million reais (US$ 17.3 million).

The plant is located in the city of Bataguassu, in the State of Mato Grosso do Sul. The completion of this transaction is subject to the regulatory and competitive approvals customary in this type of transaction.

The sale is in line with Marfrig's strategy of portfolio optimization with a focus on products with higher added value and financial discipline, the company explained in a statement on Thursday.

This announcement by Marfrig comes just one day after publishing its financial results for the end of September. In the first nine months of the year, the company has achieved a net profit of 217 million reais (US$ 37.5 million), compared to losses of 1.53 billion reais (US$ 265 million) a year ago.