Brazilian meatpacking company JBS is looking towards expansions for its processed foods operations, particularly by securing new territory in Europe, CEO Wesley Batista announced in an interview with Valor Economico.
Having just spent $1.45 billion on an acquisition of U.S.-based Cargill, JBS is looking to further increase its international chicken and pork operations, Batista told the publication. “This expansion should be done through acquisitions of other companies,” added Batista. “Obviously, everything at the right time and at the right place, but as I have said a few times, it is part of our DNA.”
Batista believes its acquisition of British poultry company Moy Park could serve as a base to expand in Europe, adding that he sees acquisition opportunities in countries like France, Spain, and Italy.
"Moy Park is the foundation to build a larger platform, and that is our intention," Batista said, according to Reuters. The $1.5 billion purchase announced in June should be finalized by the end of the year, he said, adding, "Moy Park does not have pork operations, so an eventual movement into pigs could make sense.”
However, expansion plans for the company will not include more beef ventures or acquisitions in Asia, the CEO reportedly clarified.
"We are already the principal operators in the markets where we want to be. It doesn't make sense for us to have beef operations in Europe," he added. "Europe and North America are on the near-term horizon, Asia is farther away.”
JBS also announced the addition of two new positions this week to further push its expansion plans, Reuters reports. The President of Global Operations will be Gilberto Tomazoni, previously Chairman at Pilgrim's Pride Corp and Tarek Farahat will join JBS from Procter & Gamble to serve as President of Marketing and Innovation.