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March 31, 2022

Marfrig chairman Marcos Molina nominated to same seat at Brazil meat interest BRF

Marfrig and BRF sales combined still lag peer JBS.

By Simon Harvey

Marfrig Global Foods’ chairman Marcos Molina has been nominated to the same role at BRF, the Brazilian meat peer in which his company owns a 33% stake.

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Molina, Marfrig’s controlling shareholder, was appointed to the head of BRF’s board on Monday (28 March) and will replace Pedro Pullen Parente, a spokesperson for BRF, confirmed to Just Food.

Marfrig, which reported sales for last year of BRL85.3bn (US$17.8bn), is the prominent shareholder of BRF with a 33.3% stake, a holding the publicly-listed business built up in 2021. At the time, Marfrig reaffirmed it “does not intend to elect members to the board of directors or exert influence over BRF’s activities”.

Both companies are listed on the Bovespa Index in Brazil, with BRF, a producer of chicken and pork products, located in Santa Catarina and Marfrig in Sao Paulo.

The two firms had entered discussions in 2019 over a possible combination but that never materialised. In 2020, Marfrig and another Brazilian meat group, Minerva Foods, both denied they had opened merger talks. And in 2018, Marfrig increased its presence in the US with the acquisition of a 51% stake in National Beef Packing Company.

As well as Molina, a new slate of directors has been added to the BRF board: Sergio Agapito Rial; Marcia Aparecida Pascoal Marçal dos Santos; Augusto Marques da Cruz Filho; Debora Stern Vieitas; Flavia Maria Bittencourt; Pedro de Camargo Neto; Altamir Batista Mateus da Silva; Eduardo Augusto Rocha Pocetti; and Aldo Luiz Mendes, backed by Marfrig and shareholder Caixa de Previdência dos Empregos do Banco do Brasil (Previ).

Marfrig generated a net profit last year of BRL4.3bn and adjusted EBITDA of BRL14.5bn.

BRF, meanwhile, had sales of BRL48.3bn and adjusted EBITDA of BRL5.6bn. Net income was BRL517m.

Together, Marfrig and BRF still generate less in revenues and profit than peer JBS, which posted sales last year of BRL350.7bn, adjusted EBITDA of BRL45.7bn and net profit of BRL20.5bn.

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Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
  • Understand the current market dynamics of the Meat and Meat Alternatives Sector
  • Assess strategies implemented by companies to better penetrate the market
  • Understand the key themes in the market that these companies and their respective products appear to be targeting
  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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