JBS changes mind, will seek acquisitions in 2015

JBS changes mind, will seek acquisitions in 2015

From WATTAgNet:

JBS SA, a Brazil-based meat and poultry company, has changed its mind about not pursuing acquisitions in 2015, with the company’s CEO stating that JBS is in fact looking for acquisition opportunities in North America, South America and Australia.

JBS CEO Wesley Batista on May 20 stated the company will “for sure” be looking at potential acquisitions in the chicken and pork sectors, as well as the packaged food sectors, according to a Reuters report.

Batista’s comments are a direct departure from what he said during the JBS quarterly earnings call on March 11, when he said the company would not pursue acquisitions in 2015, and instead focus on organic growth, with a particular emphasis on finalizing its acquisition of Australian processed foods maker Primo Group, growing its U.S. pork operations and processed foods division. JBS announced its pending purchase of Primo Group in November 2014.

At the same time JBS announced its intent to purchase Primo Group, the Brazilian-based meat and poultry company also revealed its plans to acquire Big Frango for an estimated BRL430 million (US$165.8 million).

JBS recently revealed its financial results for the first quarter of fiscal year 2015, with a net income of BRL1.394 billion (US$461.6 million), up dramatically from the BRL70 million (US23.2 million) the company achieved in the first quarter of fiscal year 2014.

Brazil's JBS looking for deals in America, Australia: CEO

NEW YORK: Brazil's JBS SA , the world's largest meatpacker , this year will look at opportunities for acquisitions in North and South America and Australia, Chief Executive Wesley Batista said on Wednesday. Batista, in a wide-ranging interview with Reuters at a BMO investor conference in New York, also predicted that Zilmax, a controversial growth enhancer for cattle, will not return to market.
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