JBS Foods International

JBS Foods International B.V.
Traded as NYSE: JBS (intended)
Industry Food processing
Founded 2016
Headquarters Amstelveen, Netherlands[1]
Number of locations
 Amstelveen[2]
New York City
São Paulo
Area served
 Worldwide
Key people
 Joesley Batista, Wesley Batista, Gilberto Tomazoni
Products Food and beverages
Parent JBS S.A.

JBS Foods International engages in the food business internationally. It operates through four segments: Beef, Pork, Poultry, and Other. It offers fresh and processed beef, lamb, sheep, pork, and chicken. The company is also involved in leather business; and collagen, biodiesel fuel, hygiene and cleaning products, metal packaging, carriers, waste management, casings, and trading activities, as well as provides prepared food products.

Planned IPO and Investigations

In December 2016, JBS S.A. announced a re-organization plan, part of which involved planning an initial public offer in the United States for its international operations. The intended IPO is expected to be performed through the vehicle company JBS Foods International, as JBS S.A., J&F Investimentos and other companies of the group are involved in 6 different operations from the Brazilian Federal Police, including Operation Car Wash, Bullish, Greenfield, Carne Fraca and Cui Bono. The company's main shareholders, Joesley Batista and Wesley Batista collaborated with the Brazilian police as whistle-blowers[3] for Operation Car Wash, where they confessed over 12 years of crimes,[4] including bribery, active corruption, insider trading, and many other, which helped the JBS group to grow above the market after a series of acquisitions in part funded by loans from banks controlled by the state of Brazil.

Despite the active corruption scandals performed by the Batista brothers, Joesley Batista made it clear that the IPO was not canceled.[5]

After the testimonies provided by the Bastista brothers, Brazil's securities regulator launched four new probes against meatpacker JBS S.A. and other companies controlled by J&F Investimentos on May 19, 2017 to investigate suspicious trades made before markets were rattled by the revelation of a plea deal by the company's top executives.[6]

References

  1. ↑ Drimble. "JBS Foods International B.V." (in Dutch). Retrieved 14 March 2018.
  2. ↑ O Estado de S. Paulo. "JBS anuncia abertura de capital da JBS Foods International nos EUA" (in Portuguese). Retrieved 14 March 2018.
  3. ↑ Chairman of JBS USA’s parent admits illegal payments to 3 Brazilian presidents
  4. ↑ Brazil Securities Regulator Opens Two New Investigations Against JBS
  5. ↑ Brazil’s JBS Says Legal Issues May Delay IPO of International Unit
  6. ↑ Brazil watchdog opens new probes into JBS-related insider trading
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.