Meat + Poultry - June 2007 - 3
THE FRONT PAGE
Brazilian company acquires Swift
SAO PAULO, BRAZIL - J&F Participacoes S.A., which has a controlling interest in JBS S.A., Latin America's largest beef processor, has entered into
an agreement to acquire Swift & Co.,
Greeley, Colo., the third-largest beef
and pork processing company in the
United States. The transaction will include $225 million in cash and the assumption by J&F Participacoes of $1.2
billion in debt plus all transaction-related expenses. The transaction is subject to regulatory approval and should
be completed by July.
"We are thrilled to acquire Swift &
Co., and to be able to create a combined
enterprise that will be the world's leading processor of fresh beef and pork
products," said Joesley Mendonca Batista, a partner in J&F Participacoes and
chief executive officer of JBS S.A. "It is
a major step for our group in establishing a global presence. More importantly, Swift will provide us with access to
the Pacific region."
This past January, the board of directors for Swift & Co. announced it was
reviewing strategic and financial alternatives following a series of unsolicited
inquiries from various entities.
"Nothing is more important to me
and my colleagues on the Swift management team than seeing Swift remain
the strong, stable, customer-focused
company we are today," said Sam Rovit,
president and CEO of Swift & Co. "Joining J&F to become the world's largest
beef and pork processor, Swift should
emerge even stronger, and that is good
news for our partnership, customers,
suppliers and employees."
In the United States, Swift & Co.'s
assets include four beef plants, three
pork plants, a lamb processing facility, and a further processing plant. In
Australia, the company owns four beef
plants and four cattle feedlots. The
company had sales of approximately
$9 billion in 2006. JBS S.A. has 21 facilities in Brazil and five plants in Argentina. The company had $1.9 billion
in sales during fiscal 2006.
The sale not only marks the first incursion into the upper-tier of the U.S.
meat industry by a foreign firm, it also
creates the world's largest beef company, one with leadership positions in
three separate - and significant - beefproducing countries: the United States,
Brazil and Australia.
HM capital Partners, based in Dallas, bought Swift from ConAgra Foods
Inc. in 2002 in partnership with Booth
Creek Management Corp.
"I was surprised J&F bought the
whole company," said Rich Nelson, an
analyst with Allendale Inc., "But now
JBS becomes a very serious player in the
global meat industry. With Swift's operations in Australia" - notably, Australian Meat Holdings, that country's largest meat processor - "JBS becomes the
No. 1 meat company in Australia, the
No. 1 meat company in Brazil, and the
No. 3 meat company in the U.S."
"This is a great way
for Mercosur to gain
major access to the
U.S. market."
Nelson agrees with reports out of
Latin America that not only does the
acquisition vault JBS into the upper echelon of the global meat industry, but it
also bodes well for Mercosur, the trading partnership shared by Brazil, Argentina, Paraguay, Venezuela and Uruguay.
"This is a great way for Mercosur to gain
major access to the U.S. market," the
analyst said. Raw Brazilian beef is not
allowed into the United States due to a
ban stemming from a foot-and-mouth
disease outbreak. With Swift, however,
JBS has access to the U.S. market with
U.S. and Australian beef.
Nelson said he was surprised by
comments made by Joesley Mendonca
Batista, JBS's CEO, that JBS might spin
off Swift's pork operations, which comprise three U.S. plants. "We don't work
with pork and our business isn't pork,"
Batista was quoted as saying, according
to the Washington Post, though the executive called Swift's pork division the
"best run in the company."
"It makes no sense to me as to why
they'd sell the pork," Nelson said. "It's
where the money is right now."
It's possible J&F seeks to protect
i t s ne w i n vestment from
t he ravages
of rising corn
prices due to
increased ethanol production.
Pork is more
vulnerable to corn prices than beef,
pointed out Dave Warner, director of
communications at the National Pork
Producers Council. "The studies we've
seen, from Iowa State Univ. in particular, on the use of ethanol say the rising
corn prices will lead to contractions in
various industries, possibly including
pork," he said.
Even so, JBS is well positioned in the
beef markett. Brazil is home to the largest beef herd in the world, more than
200 million head, with about a quarter of those produced for meat exclusively. Comparitively, the U.S. herd is
made up of a 97-million-head herd in
the United States., of which 33 million
are beef cattle.
Moreover, if the Swift acquisition results in a stronger effort by Latin American processors to pry open the U.S.
market, the most vulnerable market
segment may be grass-fed beef, which
has enjoyed growth in recent years in
high-end U.S. supermarkets, partly in
conjunction with the explosion of consumer interest in organic and naturally
produced beef. Uruguay has already
proven to be a tough competitor for
U.S. grass-fed beef producers. Should
Brazil, via JBS and Swift, enter that market segment if and when the foot-andmouth ban is lifted on raw beef, U.S.
producers may find themselves fighting for a market they benefited from
all too briefly.
www.MEATPOULTRY.com
I
June 2007
I
MEAT&POULTRY
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3
http://www.MEATPOULTRY.com
Meat + Poultry - June 2007
Table of Contents for the Digital Edition of Meat + Poultry - June 2007
Contents
Meat + Poultry - June 2007 - 1
Meat + Poultry - June 2007 - 2
Meat + Poultry - June 2007 - 3
Meat + Poultry - June 2007 - Contents
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