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JBS parent company may sell footwear group

A report from Reuters has claimed that the parent group of JBS, J&F Investimentos, has engaged investment banking unit of Banco Bradesco to examine the possible of  some of its assets.

Reports from the news agency on May 24 made no mention of the group’s leather-making division, JBS Couros. JBS Couros is the biggest leather manufacturing company in the world, with 12 wet blue tanneries and five plants making finished or semi-finished leather in different regions of Brazil. In addition, it has tanneries in Italy, Vietnam, Argentina and Uruguay and distribution centres in Brazil, Italy, China, Hong Kong and the US.

What Reuters did say was that footwear group Alpargatas may go up for sale soon. J&F became the majority shareholder of Alpargatas in December 2015 but may sell to help pay for fines the group faces in the wake of a political scandal that broke on May 17.

Joesley Batista, president of J&F Investimentos, and the person at the centre of the latest scandal after he made public recordings that are allegedly of a controversial conversation with Brazil’s president, Michel Temer, resigned from the Alpargatas board of directors on May 23. “Moves such as this have in the past been the prelude to an asset sale,” Reuters said.

Alpargatas runs 14 footwear factories in Brazil and eight in Argentina.

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