Pipasa, Costa Rica's flagship poultry and meat company, was bought our by the US giant, Cargill, in a transaction that was made official yesterday, 1 June, reports Inside Costa Rica.

The news of the sale was confirmed by sources close to the sale, who did not detail the amount of the purchase price.

The new owners are to assume control on today (2 June) of the Corporación Pipasa Costa Rica-Nicaragua, one of the most important companies in Costa Rica with a 60 per cent market penetration.

Negotiations for the purchase began eight months ago.

Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, our privately held company employs 131,000 people in 66 countries.

In Costa Rica, Cargill owns the Cinta Azul (Blue Ribbon) brand.

The purchase of Pipasa is Cargill's aggressive expansion plans for Central America.

Pipasa was founded in 1968 by Calixto Chaves and since 2003, the company has been under the control by the Sama Corporation.