Sao Paulo | Reuters — Brazilian meat packer JBS will have sufficient cash flow in 2015 to bankroll potential acquisitions, but for the time being plans to focus on consolidating gains from recent takeovers, CEO Wesley Batista said on Tuesday. The company in late March completed the US$1.125 billion buyout of Australian meats company Grupo […] Read more
JBS has cash for takeover, but focused on growth, CEO says
Australia clears JBS bid for pork firm Primo
Sydney | Reuters — Australian regulators have approved a bid by the U.S. arm of Brazilian beef giant JBS to acquire Australian Consolidated Food Holdings Pty. Ltd. (Primo) for an undisclosed sum, Treasurer Joe Hockey said on Wednesday. The approval by Australia’s Foreign Investment Review Board (FIRB), subject to conditions at Primo’s abattoir, allows the […] Read more
Brazil truckers continue some roadblocks after crackdown
Sao Paulo | Reuters — Striking truck drivers resumed some roadblocks in Brazil on Monday, disrupting grain and meat shipments to southern ports even as the government cracked down on protesters and promised to give new benefits to the transport sector. By mid-afternoon there were 23 road blockages in three southern states, down from 99 […] Read more
JBS suspends IPO of processed foods unit, again
Rio de Janeiro | Reuters –– Brazilian meatpacker JBS SA said on Friday it was cancelling an initial public offering of its processed food unit JBS Foods due to unfavourable market conditions. This is the fourth time JBS, the world’s largest meatpacker, suspended plans for the IPO of JBS Foods. JBS said in a statement […] Read more
JBS expands Utah beef plant as cattle supply squeezes rivals
Chicago | Reuters –– JBS USA, one of the top U.S. meat processors, said Thursday it will expand a Utah beef processing facility, even as some of its rivals have been shuttering plants because of tight cattle supplies. The project is notable because the U.S. cattle herd has fallen to its smallest size since 1951, […] Read more
Brazil regulator lifts suspension of JBS Foods’ IPO
Sao Paulo | Reuters –– Brazil securities regulator CVM on Tuesday lifted its suspension of the initial public offering for JBS SA’s processed food unit, JBS Foods, as long as the company holds off taking orders for investment until after Christmas. CVM suspended the share offering Nov. 24, after the company’s CEO breached regulations by […] Read more
Questions and answers on sustainable beef
Reading Time: 2 minutes Just what exactly does “sustainable beef” mean and who is deciding on the definition? The who is the members of the Global Roundtable on Sustainable Beef. There are now several hundred but the key players are companies such as Walmart, JBS, and Cargill, the World Wildlife Fund, and producer groups, including the Canadian Cattlemen’s Association. […] Read more
JBS to buy Australia’s Primo for $1.4B
Sao Paulo | Reuters — Brazil’s JBS SA, the world’s largest beef exporter, has agreed to buy Australian processed foods producer Primo Smallgoods for A$1.45 billion (C$1.41 billion). The company will also buy food company Grupo Big Frango in Brazil for 430 million reais (C$192 million), stepping up the pace of acquisitions that have played […] Read more
Brazil’s JBS Foods to delay IPO
Sao Paulo | Reuters — JBS SA received regulatory approval to delay an initial public offering of its JBS Foods unit in Brazil, according to a securities filing on Tuesday, putting off a plan to raise four billion reais (US$1.61 billion) for a few more weeks or until next year. The Sao Paulo-based food processor […] Read more
Cargill loses bid to stop ex-manager from working for rival
Reuters — A federal judge has denied Cargill’s attempt to block a former executive of its meat-packing unit from working for rival JBS to prevent the potential loss of trade secrets. U.S. Judge Raymond Moore in Denver ruled on Monday that although Jason Kuan “did once have specific knowledge of Cargill’s trade secrets, his knowledge […] Read more
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