GFM Network News

JBS USA to produce pork without ractopamine

Chicago | Reuters — JBS USA will remove a growth drug banned by Beijing from its U.S. hog supply, the company said on Friday, accelerating the competition for pork exports as China grapples with a devastating pig disease. The meat packer’s move away from the drug ractopamine, a feed additive, shows how companies are maneuvering […] Read more

U.S. investigators question shareholders of Brazil’s JBS

Brasilia | Reuters –– U.S. investigators this week visited Brazil to question shareholders of J+F Investimentos, the holding company that controls meatpacker JBS SA, as part of an existing plea deal, Brazilian prosecutors said on Friday in a statement. U.S. authorities have been investigating the companies controlled by J+F since their largest shareholders — brothers […] Read more

JBS still keen on U.S. IPO despite scandals

Sao Paulo | Reuters — JBS SA, the world’s largest meatpacking firm, remains intent on a stock market listing of subsidiary JBS Foods International in the U.S. despite corruption and food safety scandals, executives said on Thursday. In April all of JBS operations will meet U.S. auditing and compliance requirements under the Sarbanes-Oxley Act, JBS […] Read more

JBS says Pilgrim’s Pride stake not for sale

Chicago | Reuters — Brazilian meat packer JBS SA’s core U.S. assets, including its majority stake in Pilgrim’s Pride Corp., are not for sale, the company said on Wednesday, a day after announcing a deal to sell Argentine operations. U.S. chicken company Pilgrim’s Pride is critical to JBS’ long-term strategy of pursuing business opportunities that […] Read more

JBS bondholders consent to global reorganization

New York | IFR — A sufficient number of JBS bondholders have agreed to amend indentures allowing for a global reorganization of the meatpacker, the company said Wednesday. Under the plan, the company’s global operations and Brazil-based food processor Seara Alimentos will regroup under a new Ireland-based company, JBS Foods International. JBS USA and JBS […] Read more

JBS quarterly profits beat expectations

Sao Paulo | Reuters — Brazil’s JBS SA, the world’s largest meat processor, posted better than expected second-quarter profits on Wednesday, helped by a sharp increase in revenues from its pork business in the U.S., said the company. São Paulo-based JBS earned 1.657 billion reais (C$650 million) in net income last quarter, compared with 252 […] Read more