JBS to invest $2.4 billion in Brazil if US listing succeeds
JBS' plan still needs shareholder approval
30 October 2023
1 minute read
By: Brazilian meatpacker JBS SA vowed to hike investments in its home country by 12 billion reais ($2.39 billion) by 2026 if its plan to list shares in New York succeeds, Reuters reported, citing CEO Gilberto Tomazoni on Friday.
In an event to inaugurate a massive breaded-chicken and sausage plant in Brazil's southern state of Parana, Tomazoni said the firm could invest 12 billion reais more and create an additional 50,000 jobs by 2026.
The amount would be on top of the 3 billion reais in investments announced earlier this month by JBS' controller, J&F Investimentos.
JBS, the world's largest meatpacker, has long planned to list in New York in a bid to reduce its cost of capital and boost its shares to trade at multiples closer to those of its peers.
JBS' plan still needs shareholder approval, but the firm has previously said it expects to conclude its US listing by the end of this year.
