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JBS closes abattoir in Argentina

26/03/2012
Brazilian packer and tanning group JBS has said it will invest between $500 million and $550 million in its business this year, slightly down on what it spent in 2011 on equipment, technology, goods and services. The 2011 spend was closer to $650 million, although JBS had suggested at the start of 2011 that it would invest up to $775 million.

Company president, Wesley Batista, has said investment in 2012 will focus on organic growth by paying for expansion projects at existing JBS plants rather than setting up new ones.

Mr Batista said in a recent analyst conference that the company had decided to close down an abattoir in the city of Venado Tuerto, in the Argentinean province of Santa Fe. He said that JBS would be happy to continue with just one abattoir and one processing plant in Argentina. He explained: “We cannot allow ourselves to lose more money [in Argentina] and that's why we have closed the plant.”

JBS has said government policies in Argentina restricting beef exports have prevented it from developing its business there as it would have liked. But Mr Batista said the company is still interested in Argentina.


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