Australian approval for JBS acquisition
25 April 2008JBS SA have received approval from the Australian government to purchase multi-species processor Tasman Group. JBS plan to complete the $150 million deal on May 2 and integrate Tasman as a subsidiary of JBS-Swift & Co, Greeley, Colorado, who already own four beef processing plants and four cattle feedlots in Australia.
The acquisition adds six slaughter facilities and one cattle feedlot to JBS's portfolio. The newly structured Australian assets will have more than 5,000 employees and a capacity to slaughter some 25,000 animals per day. JBS announced the proposed acquisition of Tasman in early March, at the same time announcing the proposed acquisitions of US beef processors National Beef Packing Co and Smithfield Beef Group. Those deals are currently under review by the US Department of Justice. If approved, JBS-Swift, currently the third-largest US beef processor in terms of slaughter capacity, would become the nation's largest beef processor and control some 30% of slaughter capacity. Source: meatingplace.com
