JBS to shift assets worth $30bn to Ireland

Brazilian food company JBS has plans to move more than €30bn worth of assets to Dublin, Ireland.

With the aim of raising its profile among overseas investors, JBS plans to transform Irish firm JBS Foods International (JBSFI) to the parent company.  The latter will own all JBS assets, but not its Brazilian beef and leather units.

In addition, JBSFI will be listed on the New York stock exchange and operated from Hertfordshire, UK. 

In the next few months, JBS shareholders will be issued with JBSFI shares, currently owned by JBS CEO Wesley Mendonca Batista, after the assets are transferred.

Generating annual sales of approximately $45bn, JBS incorporated JPSFI in May and acquired Northern Ireland poultry company Moy Park last year for €1.31bn.