JBS to buy Brazil poultry producer Agroveneto
JBS SA, the worlds largest beef producer, said on Monday it signed a deal to buy local poultry processor Agroveneto for 128 million reais $63.02 million just months after its first move into Brazils poultry sector. JBS will acquire Agroveneto, which specializes in ground poultry meat, by taking on its debts plus giving the owners 10 million reais worth of JBS shares. JBS began poultry operations at home in Brazil for the first time this year when it leased the assets of Frangosul, controlled by French poultry producer Doux. Brazil is one of the worlds top producers and exporters of chicken meat. JBS shares traded on Sao Paulos BM&FBovespa stock exchange were down 1.31 percent early on Monday at 6.80 reais per share. The giant Brazilian meat company grew from humble origins as a small family-run meat packing plant acquired in 1988 through a rapid wave of acquisitions whose pace has since slowed in the last couple of years.