JBS, the Brazil-based meat giant, has moved to expand its business in the US through the acquisition of bacon and deli meats business Plumrose USA from Danish Crown, the Denmark-based meat cooperative.
The deal, struck for US$230m, is “a continuation of JBS’ strategy of expanding its portfolio of branded, high value added prepared foods, and strengthens its customer base and geographical distribution in the United States”, JBS said.
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JBS’s assets in the US include Pilgrim’s Pride, the country’s second-largest poultry processor, in which it owns a majority stake.
Plumrose has five prepared foods facilities and two distribution centres in the US. Its annual net revenue is estimated at $500m, JBS said. The purchase is subject to competition approval in the US.
The acquisition was announced alongside JBS’s annual results, which included a fall in annual profits amid a jump in finance expenses. Net revenue rose 4.6% amid improved sales from the company’s poultry division and its combined processed and prepared products arm.
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