August 18, 2010

Brazil's JBS probes Europe for meat investments

JBS S.A. is exploring more acquisition opportunities in Europe after the continent's financial crisis has subsided, said President Joesley Mendonca Batista today, August 18.

Batista noted on an earnings call with analysts that JBS "postponed some acquisitions mainly due to the Euro crisis in the last few months," but that the company believes the crisis has ended.

"We have started talking with some companies" and will try to make progress as long as Europe's financial environment continues to improve, he said.
 

The Sao Paulo-based protein titan announced last month the US$14-million acquisition of Gent, Belgium's Toledo Group, the largest cooked beef processor in Europe, as JBS expands its customer base and global distribution network. Reporting Q2 earnings, the company is now serving more than 300,000 customers worldwide.