JBS files for US IPO for international business
Meat and poultry company hopes to raise up to US$500 million
JBS Foods International has filed for an Initial Public Offering (IPO) in the U.S., according to Reuters, as the company seeks to raise up to US$500 million.
In August of this year, JBS shareholders agreed to the management’s proposed global reorganization, which would have seen the company’s operations outside Brazil, as well as its Brazil-based subsidiary Seara Alimentos, regrouped under a new entity to be known as JBS Foods International. Its other businesses in Brazil would have been operated independently after the spin-off.
However, the plan to restructure was vetoed by a government agency in Brazil in October.
While the headquarters of JBS Foods International initially looked likely to be located in the Republic of Ireland, the U.S. Securities and Exchange Commission (SEC) filing gives a business address in Amstelveen in the Netherlands.
A global leader in poultry, pork, beef and lamb processing, JBS is also heavily involved in pork production. According to the company’s website, it is the world’s largest exporter of animal protein, selling to more than 150 countries. It has more than 200,000 employees working in 340 production units producing foods, leather, biodiesel, collagen, metal packaging and cleaning products industries. In March 2007, JBS became the first meat company in Brazil to trade on the Brazilian stock exchange.