The world’s largest meat processor, JBS, has officially begun the corporate restructuring process first announced back in May that will see the company’s international operations listed on the New York stock exchange but headquartered in Ireland.
In a filing to the stock market, JBS said it has begun to seek consent from bondholders in the meat packing group for permission to restructure its business into two separate entities: JBS Brazil and JBS Foods International.
JBS Brazil will comprise all of its Brazilian operations, while the group’s international processing operations in the US, Australia and Europe will be merged into a new company called JBS Foods International.
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Although management at JBS have only stated JBS International will “most probably” be based somewhere in Europe, the Irish Farmers Journal learned back in May that the group has chosen to locate its new business in Ireland and is in the process of creating a new company office in Dublin.
Meat industry sources have described the restructuring as a “tax play”, with JBS aiming to take advantage of Ireland’s low corporate tax rate of 12.5% – much lower than the near 35% income tax rate the group currently pays in Brazil. As such, it is believed the group would employ a small staff of fewer than 10 people in Dublin.
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The world’s largest meat processor, JBS, has officially begun the corporate restructuring process first announced back in May that will see the company’s international operations listed on the New York stock exchange but headquartered in Ireland.
In a filing to the stock market, JBS said it has begun to seek consent from bondholders in the meat packing group for permission to restructure its business into two separate entities: JBS Brazil and JBS Foods International.
JBS Brazil will comprise all of its Brazilian operations, while the group’s international processing operations in the US, Australia and Europe will be merged into a new company called JBS Foods International.
Although management at JBS have only stated JBS International will “most probably” be based somewhere in Europe, the Irish Farmers Journal learned back in May that the group has chosen to locate its new business in Ireland and is in the process of creating a new company office in Dublin.
Meat industry sources have described the restructuring as a “tax play”, with JBS aiming to take advantage of Ireland’s low corporate tax rate of 12.5% – much lower than the near 35% income tax rate the group currently pays in Brazil. As such, it is believed the group would employ a small staff of fewer than 10 people in Dublin.
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