JBS Moves Forward on Ownership of XL Foods

JBS USA, a subsidiary of Brazil-based JBS S.A., has announced it is moving forward with purchasing XL Foods’s Canadian operations. JBS took over management of the Brooks-based plant in late October after E. coli contamination shut down operations at the plant. JBS, upon exercising this option, anticipates the purchase of XL Foods to be completed by next week. A takeover of the U.S.-based operations of XL Foods is awaiting regulatory approval in the U.S.

This purchase includes the Brooks plant and feedlot (including 6,600 acres of land) and a packing plant in Calgary. The Alberta government waived certain rules of foreign land ownership as part of this sale. As part of that agreement, should JBS ever sell the Canadian plant and XL Foods operations, the land would also have to be sold.

 

RealAgriculture News Team

A team effort of RealAgriculture's videographers and editorial staff to make sure that you have the latest in what is happening in agriculture.

Trending

Wheat prices jump into August — This week in the grain markets

This week, winter wheat prices touched a three-year high, but it didn’t last. Chicago SRW wheat prices for September 2018 gained 5 per cent or about 26 cents US/bushel to close at $5.56. While the December 2018 contract was up 5.4 percent — or nearly 30 cents — to finish a tad under $5.80. In…Read more »

Related

Leave a Reply

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.