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Brazilian firm buys Swift, creating world's largest meatpacker
GREELEY, Colorado (AP)--A Brazilian firm has completed its acquisition of meatpacker Swift & Co., creating the world's largest beef processor, the companies said July 12. JBS S.A., bought Swift from private equity firm HM Capital Partners LLC of Dallas and Vail-based Booth Creek Management Corp., in a cash deal worth about $1.5 billion (euro1.09 billion), the companies said. Greeley-based Swift, the third-largest U.S. processor of beef and pork, was a highly sought after company because so few meat-packaging plants have been put up for sale in wake of U.S. industry consolidation. It has plants in six states and an operation in Australia. JBS is the largest beef processor in Latin America with 23 plants in Brazil and six in Argentina. It had nearly $1.8 billion (euro1.31 billion) in sales last year. Through the consolidated JBS Swift Group, JBS will gain access to global markets, particularly in Asia, where imports of beef are strictly regulated due to fears of bovine spongiform encephalopathy. Last month, Swift said its chief executive Sam Rovit will be replaced by Wesley Mendonca Batista, executive director of operations for JBS, when the deal closed. Date: 7/25/07
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