Meat giant goes on a shopping spree
What do you do when your sales revenue exceeds USD 50billion a year? You go shopping!
The Brazilian meat based conglomerate, JBS, spent $1.25 billion in late 2014 buying the Primo Group, the largest producer of small goods in Australasia.
The company then declared a period of consolidation and organic growth, stating that further acquisitions were unlikely in 2015.
Two major announcements in the last few days indicate a change of heart.
The purchase of poultry company Moy Park from Marfrig for $1.5b delivered 14 processing units in the UK, France, the Netherlands and Ireland, and a major foothold in the European market.
The $1.45b purchase of Cargill's U.S. pork business comprising of two Midwestern meat processing plants, 5 feed mills and 4 hog farms added to the shopping basket.
The IUF will work with affiliates to coordinate the defense of rights and advancement of standards throughout the JBS meat empire.