Latest news with #WesleyBatistaFilho
Yahoo
29-05-2025
- Business
- Yahoo
JBS to invest $135m in new US sausage plant, creating 500 jobs
Meat giant JBS is to invest $135m in a new sausage plant in Iowa through its US subsidiary, creating 500 jobs on completion. The company expects construction to start at the Perry site late this year and to complete in late 2026. Brazil-headquartered JBS said in a statement today (29 May) that the facility will produce some 130m lbs of sausage each year from processing around 500,000 sows. In the first phase, the plant will employ 250 workers in one shift and the company plans to double the staff count and introduce a second shift in the future. "This output can feed more than four million people nationwide annually, helping meet growing consumer demand for high-quality protein," JBS said. Wesley Batista Filho, the CEO of the US business unit, added: "This investment underscores our commitment to rural America and our confidence in the strength of the US market. We plan to be a long-term partner for Perry and, if approved by the community, the facility will help foster job creation and economic stability in the region." Aaron Juergens, president of the Iowa Pork Producers Association, said in the same statement: "We're excited to see continued investment in Iowa's pork industry with the proposed opening of this new processing facility. 'It strengthens our state's leadership in pork production, creates new opportunities for pork producers, and supports the rural communities that are the backbone of Iowa agriculture." JBS USA is headquartered in Greeley, Colorado, and produces meat and poultry products. It is a majority shareholder of poultry producer Pilgrim's Pride. In February, JBS unveiled a $200m investment plan to boost beef production at facilities in the US states of Texas and Colorado. Rival meat processor Tyson Foods announced in March last year it would close its pork facility in Perry, affecting more than 1,200 employees. "JBS to invest $135m in new US sausage plant, creating 500 jobs" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Irish Independent
16-05-2025
- Business
- Irish Independent
Shares in world's largest meat processor slide on concerns over deepening beef losses
The Brazilian company said its North American beef business, JBS's largest, had a loss of $112.9 million in the first quarter as a severe shortage of cattle inflates costs. The company expects an even "more challenging" year for its beef operation in the US, JBS USA Chief Executive Officer Wesley Batista Filho said in a conference call. The constrained cattle supply will see a reversal only by the end of next year, the company said. JBS shares dropped as much as 6.6% on Wednesday, the most since May 2023. The stock had soared 85% over the past year through Tuesday, reaching a record in April. JBS's business units in the US have also been hurt by the trade war, Filho said. China's retaliatory tariffs on US goods have had an impact on leather exports to the Asian country during the first half of the second quarter. Beef exports were also hit by tariffs and China's halt of export authorizations for hundreds of plants. The worsening beef results come as chicken lifted JBS's overall results. Adjusted net income for the three months ended in March rose 78% from a year earlier to 2.92 billion reais ($520.7 million). That compares with the 2.79 billion real average of analyst estimates compiled by Bloomberg. The result underscores how chicken has become a lifeline for major meat suppliers including Tyson Foods Inc. and Cargill Inc. amid the losses in beef. Roughly 71% of JBS's earnings before items such as interest and taxes in the first quarter came from its chicken operations in North America and Brazil, which benefited from cheaper feed costs and strong consumer demand. That compares with 57% a year earlier. The boom in chicken won't be fading anytime soon, according to JBS Chief Executive Officer Gilberto Tomazoni. "We've seen a very strong demand, I see a very positive year for chicken and pork," he said in an interview Tuesday, also citing supply constraints. Meat suppliers in Brazil and the US have not been able to expand chicken supply significantly given recent changes in chicken genetics, which have resulted in reduced fertility, Tomazoni said during the earnings call. The outlook is not expected to change this year, he said. "Even with an increase of breeders in the field, the number of chicks remained the same or increased by 1% to 2%," Tomazoni said in the call. "What happens from now on will depend on the genetics companies." JBS, which is based in Sao Paulo, is in the final stages of a longstanding plan to trade its shares in New York after receiving a green light by US regulators last month. The meat producer will go to minority shareholders for a vote on May 23. JBS says the move will broaden its access to capital and give it more flexibility to use equity as a source of funding. JBS's free cash flow was negative 5.4 billion reais in the first quarter, from negative 3.1 billion reais a year ago, due mainly to higher tax payments. Bloomberg L.P.
Yahoo
05-02-2025
- Business
- Yahoo
JBS rolls out $200m investment to ramp up US beef production
Brazilian meat giant JBS has unveiled a $200m investment plan to boost beef production at facilities in the US states of Texas and Colorado. JBS said $150m will be allocated to its facility in Cactus in Texas, with the remaining $50m designated for a plant in Greeley in Colorado. The company plans to build of a fabrication floor and an expanded ground beef room in Cactus. In Greely, it is setting up a new distribution centre in Greeley. The construction for these projects is expected to begin this year. JBS said the investment will deliver "improved" efficiencies at the facilities and offer the potential for "increased production capacity" in the future. Wesley Batista Filho, the CEO of JBS' business in the US, said the investment is part of the company's 'commitment to the US beef industry and the American farmer and rancher'. 'At JBS, we prioritise ongoing investments in our facilities to ensure our company and the rural areas where we live and work are positioned for success now and in the future,' he added. The Cactus facility employs more than 3,700 staff and buys in livestock worth $2.9bn annually. Applauding JBS' latest funding, US representative Ronny Jackson from Texas said: 'This expansion will improve production capacity for our ranchers and cattle feeders in the Texas Panhandle and bring much needed efficiencies to the facility that will help strengthen our beef supply chain and keep American agriculture competitive and resilient.' The Greeley facility has more than 3,800 workers and buys in $3.1bn worth of livestock a year. It emerged this week that JBS and its US subsidiaries had agreed to pay $83.5m to settle claims that it conspired to fix beef prices in the US. In a statement sent to Just Food yesterday (4 February), the company's US unit said it had agreed to paying $83.5m to settle the lawsuit with the plaintiffs, while maintaining the allegations 'are frivolous and without merit'. "JBS rolls out $200m investment to ramp up US beef production" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
