JBS may leave Argentina
March 24, 2012
by Meat&Poultry Staff
SAO PAULO – A difficult business climate and continued losses may push JBS SA to leave Argentina, according to news reports.
Swift, the Argentine Subsidiary of JBS, has closed six slaughterhouses in Argentina. Rosario, the remaining slaughter house, is the company’s largest. Swift also operates a meat-processing plant in the country.
Wesley Batista, chief executive officer of JBS, told MarketWatch that the company had been leaving Argentina gradually and that the company’s operations there accounted for less than 1 percent of JBS’s total revenue. Also, government restrictions on export, salary increases associated with inflation and the cost of closing plants made doing business in Argentina especially difficult, he added.