July 15, 2010

Brazil's JBS acquires Belgium meat processor

Brazil's JBS SA, the world's largest beef producer, acquired Toledo Group for EUR11 million (US$14 million), the company said late Tuesday (Jul 13) in a statement.

Located in Gent, Belgium, Toledo Group specialises in researching, developing and commercialising customised cooked and frozen beef products for a wide range of end users across Western Europe. Its customer base includes more than 100 clients ranging from food service, industrial kitchens to large food companies that use beef products as an ingredient in their finished products, JBS said.

Toledo's Group posted net revenue of US$50 million in 2009. The business was founded by Clayton Toledo and Bob Stevens more than 20 years ago and has pioneered the development of these cooked beef products through partnerships at production level with South American beef companies.

During the last two decades, exports of such products out of South America have increased more than ten-fold due, in large part, to the pioneering work of Toledo and Stevens, JBS said.