Global Meat Producer JBS To Transfer €30 Billion Of Assets To Dublin
Brazilian meat producer JBS has filed documents with the United States Securities & Exchange Commission for a corporate restructuring that would see it move more than €30 billion in assets to its recently incorporated Dublin company, JBS Foods International (JBSFI), according to IrishTimes.com.
JBSFI is to take ownership of all of JBS’s assets, with the exception of its domestic business. The Brazilian company also intends to list JBSFI on the New York stock exchange, essentially transferring the location of the parent company to Irish offices.
JBSFI is based at the offices of A&L Goodbody in Dublin’s docklands. The Irish company is still to be run from international headquarters, JBS Global UK, in Hertfordshire, England. As a result it is not clear whether the corporate reorganisation will result in additional employment in Dublin.
JBS bought Northern Irish poultry company Moy Park for €1.35 billion in September of last year. It is the largest meat producer in the world, with annual sales of about €31 billion.
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