In documents filed with the stock exchange this Wednesday, JBS announced that it was planning to transfer its businesses outside Brazil to JBS Foods International, a new company listed on the New York Stock Exchange.
The Wall Street Journal reported that JBS Foods International would be registered in the Republic of Ireland, but a company spokesperson contacted by the Irish Farmers Journal dismissed the report as ‘speculation’.
“We have announced that the company would be based internationally, most probably in Europe,” the spokesperson said, adding that any additional details would be made public in further company filings expected in the next two to three months.
Moy Park acquisition
JBS established a presence on the island of Ireland through the acquisition of Northern Ireland-based poultry processor Moy Park last year.
The establishment of better JBS Foods International aims to “reflect the global presence and the diverse international operations” of the group and “improve access to the international equity and debt capital markets,” the company’s statement said.
“The proposed reorganisation is a natural step in the continuing development of JBS as a leading Brazilian company in the global food industry,” said Wesley Batista, chief executive of JBS’s global business division.
First-quarter loss
JBS posted an operating loss (EBITDA) of 2.1bn Brazilian real or 4.9% of sales for the first quarter of 2016, down 22.5% on the last quarter of last year, saying it was “impacted by beef operations in North America”.
Although sales increased by nearly 30% to 43bn real over the past quarter, the group posted a net loss of 2.7bn real, compared with a net profit of 1.4bn real in the last quarter of 2015.
Read more
Full coverage: JBS
Inside Brazil – an agricultural giant in turmoil
In documents filed with the stock exchange this Wednesday, JBS announced that it was planning to transfer its businesses outside Brazil to JBS Foods International, a new company listed on the New York Stock Exchange.
The Wall Street Journal reported that JBS Foods International would be registered in the Republic of Ireland, but a company spokesperson contacted by the Irish Farmers Journal dismissed the report as ‘speculation’.
“We have announced that the company would be based internationally, most probably in Europe,” the spokesperson said, adding that any additional details would be made public in further company filings expected in the next two to three months.
Moy Park acquisition
JBS established a presence on the island of Ireland through the acquisition of Northern Ireland-based poultry processor Moy Park last year.
The establishment of better JBS Foods International aims to “reflect the global presence and the diverse international operations” of the group and “improve access to the international equity and debt capital markets,” the company’s statement said.
“The proposed reorganisation is a natural step in the continuing development of JBS as a leading Brazilian company in the global food industry,” said Wesley Batista, chief executive of JBS’s global business division.
First-quarter loss
JBS posted an operating loss (EBITDA) of 2.1bn Brazilian real or 4.9% of sales for the first quarter of 2016, down 22.5% on the last quarter of last year, saying it was “impacted by beef operations in North America”.
Although sales increased by nearly 30% to 43bn real over the past quarter, the group posted a net loss of 2.7bn real, compared with a net profit of 1.4bn real in the last quarter of 2015.
Read more
Full coverage: JBS
Inside Brazil – an agricultural giant in turmoil
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