JBS HQ on the move?
May 17, 2016
by MEAT+POULTRY Staff
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DUBLIN – JBS SA, the world’s largest meatpacker, is moving its headquarters to Ireland, according to published news reports. The move is part of the company’s restructuring plan.
The company will join other prominent companies like Google and Facebook which have established offices in Ireland to take advantage of the country’s low corporate tax rate of about 12.5 percent, the Irish Times reported.
JBS is the parent company of Moy Park, the largest employer in Northern Ireland. Unite, the union that represents Moy Park workers, welcomed the news. Moy Park employs more than 9,000 workers in Northern Ireland.
“While we recognize that this decision may have been driven by the group’s desire to reduce corporation tax liabilities, we welcome moves which will allow a much greater degree of integration between the company’s international operation and their holdings in Ireland, in particular Moy Park,” Sean McKeever, Unite officer for workers at Moy Park, said in a statement. “If approved by relevant agencies globally, the move would potentially result in tiers of management jobs coming to Ireland, as well as additional operational investment.”
JBS recently announced plans to spin off its international business into a new company called JBS Foods International that will be listed on the New York Stock Exchange. Fitch Ratings said the company’s plans may significantly reduce JBS’s exposure to foreign currency volatility in the future.