JBS-Cremonini joint venture terminated
March 4, 2011
by Meat&Poultry Staff
SÃO PAULO, Brazil – After years of butting heads during their partnership, JBS SA has sold its 50% stake in joint venture Inalca back to Italy-based Cremonini Group in exchange for the US$304 JBS paid for the stake in 2008. Jeremy O'Callaghan, investor relations director, released this information in a securities filing, Reuters stated.
"As part of this settlement, JBS and Cremonini agreed on abandoning definitely all the controversies surrounding their joint investments, their management and employees, allowing both companies to move on with their own projects," O'Callaghan wrote.