Latest news with #USoperations
Yahoo
3 days ago
- Business
- Yahoo
JBS sees US cattle cycle improving from late 2027
By Ana Mano SAO PAULO (Reuters) -U.S.-based beef-packers will continue to reel from low cattle availability for about three or four quarters, with gradual improvements of the U.S. cattle herd happening gradually from late 2027, JBS managers said on Thursday. In remarks made after releasing second quarter results, the world's largest meat company said other factors affecting its U.S. beef operation, which accounts for about a third of its net sales, include the U.S. closure of its border with Mexico in May due to a flesh-eating parasite. "The Mexican situation is obviously relevant," said Wesley Batista Jr, who leads JBS' U.S. operations. The Mexican and the U.S. governments are in talks for potentially reopening the border, he said, estimating around 1.1 million head of feeder cattle cannot go through at this point. Other operating challenges in the U.S. for the company include the pork business, which has been heavily hit since U.S. President Donald Trump started a trade war with Beijing. Restrictions on Brazilian chicken exports from China and the European Union, enforced since May after a bird flu outbreak in the world's largest poultry exporter, are also weighing on JBS, which in June created a dual U.S.-Brazil listing. CEO Gilberto Tomazoni estimated that if sanitary trade barriers are not removed, earnings before interest, tax, depreciation and amortization (EBITDA) of its Brazil Seara prepared foods division may be impacted by around 1.5%. Seara's margins, however, remained in the double digits despite bird flu-related disruptions in the second quarter. Bolstered also by strong results from JBS' poultry processor Pilgrims Pride, the firm, now listed in New York, posted record overall net sales of $21 billion while net profit rose nearly 61% to $528.1 million in the second quarter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
JBS sees US cattle cycle improving from late 2027
SAO PAULO, Aug 14 (Reuters) - U.S.-based beef-packers will continue to reel from low cattle availability for about three or four quarters, with gradual improvements of the U.S. cattle herd happening gradually from late 2027, JBS (Z98.F), opens new tab managers said on Thursday. In remarks made after releasing second quarter results, the world's largest meat company said other factors affecting its U.S. beef operation, which accounts for about a third of its net sales, include the U.S. closure of its border with Mexico in May due to a flesh-eating parasite. "The Mexican situation is obviously relevant," said Wesley Batista Jr, who leads JBS' U.S. operations. The Mexican and the U.S. governments are in talks for potentially reopening the border, he said, estimating around 1.1 million head of feeder cattle cannot go through at this point. Other operating challenges in the U.S. for the company include the pork business, which has been heavily hit since U.S. President Donald Trump started a trade war with Beijing. Restrictions on Brazilian chicken exports from China and the European Union, enforced since May after a bird flu outbreak in the world's largest poultry exporter, are also weighing on JBS, which in June created a dual U.S.-Brazil listing. CEO Gilberto Tomazoni estimated that if sanitary trade barriers are not removed, earnings before interest, tax, depreciation and amortization (EBITDA) of its Brazil Seara prepared foods division may be impacted by around 1.5%. Seara's margins, however, remained in the double digits despite bird flu-related disruptions in the second quarter. Bolstered also by strong results from JBS' poultry processor Pilgrims Pride (PPC.O), opens new tab, the firm, now listed in New York, posted record overall net sales of $21 billion while net profit rose nearly 61% to $528.1 million in the second quarter.
Globe and Mail
4 days ago
- Business
- Globe and Mail
GE Appliances shifts more production to US as part of a $3 billion investment
LOUISVILLE, Ky. (AP) — GE Appliances plans to shift production of refrigerators, gas ranges and water heaters out of China and Mexico as part of a more than $3 billion investment to expand its U.S. operations in Kentucky, Georgia, Alabama, Tennessee and South Carolina. The investment — the second-largest in the Louisville-based company's history — is expected to add more than 1,000 jobs while ramping up domestic production and modernizing plants in the next five years. 'Our long-term strategy is about manufacturing close to our customers,' said CEO Kevin Nolan. 'With lean manufacturing, upskilling our workforce and automation, the math works for manufacturing in the United States.' The majority of GE's appliance production is already in the U.S. and the shift means only that the company will transfer more work to its domestic plants. GE will relocate production of gas ranges from Mexico to a plant in Georgia, while six refrigerator models now made in China will be manufactured at its Alabama plant, the company said. In June, the company said it would move production of clothes washers from China to its sprawling manufacturing complex in Louisville. The reshoring announcements come as President Donald Trump tries to lure factories back to the United States by imposing import taxes — tariffs — on foreign goods. GE Appliances said Wednesday that the first phase of its new investment will begin at plants in five Southern states — Kentucky, Alabama, Georgia, Tennessee and South Carolina. 'We are defining the future of manufacturing at GE Appliances by investing in our plants, people and communities,' Nolan said. 'No other appliance company over the last decade has invested more in U.S. manufacturing than we have, and our $3 billion, five-year plan shows that our commitment to U.S. manufacturing will continue into the future.' The multiyear plan includes ramping up production of gas ranges that have been made in Mexico but will shift to the company's plant in LaFayette, Georgia, the company said. Production of six refrigerators now made in China will move to its plant in Decatur, Alabama. GE's plant in Camden, South Carolina, will add production of electric and hybrid heat pump water heaters, doubling the factory's output and employment once the project is complete, the company said. The plant now produces gas water heaters. Production of the company's electric and hybrid water heaters — now made in China — will shift to South Carolina. In Selmer, Tennessee, its plant will produce two new models of air conditioners. The latest investment includes the June announcement that GE Appliances will pump $490 million into its Kentucky complex to produce a combo washer/dryer and a lineup of front load washers that are now made in China. In all, production of more than 15 models of front load washers will shift to the company's Louisville complex — known as Appliance Park, it said. Once its new plan is fully implemented, GE Appliances will have invested $6.5 billion across its 11 U.S. manufacturing plants and nationwide distribution network since 2016, it said. Kentucky Gov. Andy Beshear said Wednesday that the investment shows his state's ability to support world-class companies with a skilled workforce and the resources needed to thrive. 'GE Appliances has established Kentucky as America's destination for advanced manufacturing and job creation, and today's news shows this iconic company's unwavering belief in the commonwealth and the role we play in their success,' Beshear said. GE Appliances handles product design and engineering work at its Louisville headquarters but doesn't make all of its products in the U.S. It contracts with other manufacturers, including in China, for some of its production where it doesn't have capacity or needs access to a global supply chain. The company said its core business strategy is to base production in the United States, and investments announced in June and on Wednesday are another step toward achieving that goal. The company said it's partnering with universities, technical schools and high schools to help ensure that its plants and other facilities have a trained workforce. 'Infrastructure and tools matter, but they are not enough,' said Bill Good, vice president of supply chain for GE Appliances. 'America's manufacturing renaissance will be built by people." GE Appliances is a subsidiary of the China-based Haier company. Overall, GE Appliances says it contributes more than $30 billion annually to the U.S. economy and supports more than 113,000 jobs – both directly and indirectly – through its operations, suppliers and distribution network.
Yahoo
4 days ago
- Business
- Yahoo
GE Appliances shifts more production to US as part of a $3 billion investment
LOUISVILLE, Ky. (AP) — GE Appliances plans to shift production of refrigerators, gas ranges and water heaters out of China and Mexico as part of a more than $3 billion investment to expand its U.S. operations in Kentucky, Georgia, Alabama, Tennessee and South Carolina. The investment — the second-largest in the Louisville-based company's history — is expected to add more than 1,000 jobs while ramping up domestic production and modernizing plants in the next five years. 'Our long-term strategy is about manufacturing close to our customers,' said CEO Kevin Nolan. 'With lean manufacturing, upskilling our workforce and automation, the math works for manufacturing in the United States.' The majority of GE's appliance production is already in the U.S. and the shift means only that the company will transfer more work to its domestic plants. GE will relocate production of gas ranges from Mexico to a plant in Georgia, while six refrigerator models now made in China will be manufactured at its Alabama plant, the company said. In June, the company said it would move production of clothes washers from China to its sprawling manufacturing complex in Louisville. The reshoring announcements come as President Donald Trump tries to lure factories back to the United States by imposing import taxes — tariffs — on foreign goods. GE Appliances said Wednesday that the first phase of its new investment will begin at plants in five Southern states — Kentucky, Alabama, Georgia, Tennessee and South Carolina. 'We are defining the future of manufacturing at GE Appliances by investing in our plants, people and communities,' Nolan said. 'No other appliance company over the last decade has invested more in U.S. manufacturing than we have, and our $3 billion, five-year plan shows that our commitment to U.S. manufacturing will continue into the future.' The multiyear plan includes ramping up production of gas ranges that have been made in Mexico but will shift to the company's plant in LaFayette, Georgia, the company said. Production of six refrigerators now made in China will move to its plant in Decatur, Alabama. GE's plant in Camden, South Carolina, will add production of electric and hybrid heat pump water heaters, doubling the factory's output and employment once the project is complete, the company said. The plant now produces gas water heaters. Production of the company's electric and hybrid water heaters — now made in China — will shift to South Carolina. In Selmer, Tennessee, its plant will produce two new models of air conditioners. The latest investment includes the June announcement that GE Appliances will pump $490 million into its Kentucky complex to produce a combo washer/dryer and a lineup of front load washers that are now made in China. In all, production of more than 15 models of front load washers will shift to the company's Louisville complex — known as Appliance Park, it said. Once its new plan is fully implemented, GE Appliances will have invested $6.5 billion across its 11 U.S. manufacturing plants and nationwide distribution network since 2016, it said. Kentucky Gov. Andy Beshear said Wednesday that the investment shows his state's ability to support world-class companies with a skilled workforce and the resources needed to thrive. 'GE Appliances has established Kentucky as America's destination for advanced manufacturing and job creation, and today's news shows this iconic company's unwavering belief in the commonwealth and the role we play in their success,' Beshear said. GE Appliances handles product design and engineering work at its Louisville headquarters but doesn't make all of its products in the U.S. It contracts with other manufacturers, including in China, for some of its production where it doesn't have capacity or needs access to a global supply chain. The company said its core business strategy is to base production in the United States, and investments announced in June and on Wednesday are another step toward achieving that goal. The company said it's partnering with universities, technical schools and high schools to help ensure that its plants and other facilities have a trained workforce. 'Infrastructure and tools matter, but they are not enough,' said Bill Good, vice president of supply chain for GE Appliances. 'America's manufacturing renaissance will be built by people." GE Appliances is a subsidiary of the China-based Haier company. Overall, GE Appliances says it contributes more than $30 billion annually to the U.S. economy and supports more than 113,000 jobs – both directly and indirectly – through its operations, suppliers and distribution network. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
4 days ago
- Business
- Associated Press
GE Appliances shifts more production to US as part of a $3 billion investment
LOUISVILLE, Ky. (AP) — GE Appliances plans to shift production of refrigerators, gas ranges and water heaters out of China and Mexico as part of a more than $3 billion investment to expand its U.S. operations in Kentucky, Georgia, Alabama, Tennessee and South Carolina. The investment — the second-largest in the Louisville-based company's history — is expected to add more than 1,000 jobs while ramping up domestic production and modernizing plants in the next five years. 'Our long-term strategy is about manufacturing close to our customers,' said CEO Kevin Nolan. 'With lean manufacturing, upskilling our workforce and automation, the math works for manufacturing in the United States.' The majority of GE's appliance production is already in the U.S. and the shift means only that the company will transfer more work to its domestic plants. GE will relocate production of gas ranges from Mexico to a plant in Georgia, while six refrigerator models now made in China will be manufactured at its Alabama plant, the company said. In June, the company said it would move production of clothes washers from China to its sprawling manufacturing complex in Louisville. The reshoring announcements come as President Donald Trump tries to lure factories back to the United States by imposing import taxes — tariffs — on foreign goods. GE Appliances said Wednesday that the first phase of its new investment will begin at plants in five Southern states — Kentucky, Alabama, Georgia, Tennessee and South Carolina. 'We are defining the future of manufacturing at GE Appliances by investing in our plants, people and communities,' Nolan said. 'No other appliance company over the last decade has invested more in U.S. manufacturing than we have, and our $3 billion, five-year plan shows that our commitment to U.S. manufacturing will continue into the future.' The multiyear plan includes ramping up production of gas ranges that have been made in Mexico but will shift to the company's plant in LaFayette, Georgia, the company said. Production of six refrigerators now made in China will move to its plant in Decatur, Alabama. GE's plant in Camden, South Carolina, will add production of electric and hybrid heat pump water heaters, doubling the factory's output and employment once the project is complete, the company said. The plant now produces gas water heaters. Production of the company's electric and hybrid water heaters — now made in China — will shift to South Carolina. In Selmer, Tennessee, its plant will produce two new models of air conditioners. The latest investment includes the June announcement that GE Appliances will pump $490 million into its Kentucky complex to produce a combo washer/dryer and a lineup of front load washers that are now made in China. In all, production of more than 15 models of front load washers will shift to the company's Louisville complex — known as Appliance Park, it said. Once its new plan is fully implemented, GE Appliances will have invested $6.5 billion across its 11 U.S. manufacturing plants and nationwide distribution network since 2016, it said. Kentucky Gov. Andy Beshear said Wednesday that the investment shows his state's ability to support world-class companies with a skilled workforce and the resources needed to thrive. 'GE Appliances has established Kentucky as America's destination for advanced manufacturing and job creation, and today's news shows this iconic company's unwavering belief in the commonwealth and the role we play in their success,' Beshear said. GE Appliances handles product design and engineering work at its Louisville headquarters but doesn't make all of its products in the U.S. It contracts with other manufacturers, including in China, for some of its production where it doesn't have capacity or needs access to a global supply chain. The company said its core business strategy is to base production in the United States, and investments announced in June and on Wednesday are another step toward achieving that goal. The company said it's partnering with universities, technical schools and high schools to help ensure that its plants and other facilities have a trained workforce. 'Infrastructure and tools matter, but they are not enough,' said Bill Good, vice president of supply chain for GE Appliances. 'America's manufacturing renaissance will be built by people.' GE Appliances is a subsidiary of the China-based Haier company. Overall, GE Appliances says it contributes more than $30 billion annually to the U.S. economy and supports more than 113,000 jobs – both directly and indirectly – through its operations, suppliers and distribution network.
