JBS confirms its Argentine plants are up for sale - leatherbiz: Leadin Leatherbiz

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JBS confirms its Argentine plants are up for sale

29/09/2010
Brazil-based packer group JBS has confirmed that it is looking for buyers for its three plants in Argentina. The processing units have ceased production temporarily after the Argentine government placed restrictions on exports of beef to keep stocks high and prices low in the domestic market.

Speaking on September 28 at the World Meat Congress in Buenos Aires, JBS’s director of investor relations, Jerry O’Callaghan, said on September 28: “The point is that the profitability of our business in Argentina is being reduced by restrictions on slaughter and on exports. A company like ours, which looks to make profit, always runs into difficulty when imbalances occur and we try to make adjustments.”

He said that it becomes necessary to make these adjustments when a fundamental change occurs in the basis for a business, such as, in the case of JBS’s business in Argentina, the current low availability of cattle.


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