JBS enters the fish market with purchase of Huon for US$ 314 million

JBS, the world’s largest meat processor, has entered the fish market with the acquisition of Australian salmon-producer Huon Aquaculture for A$425 million (US$314 million).

The agreement already has the support of majority shareholders and should be concluded by the end of this year, after approval by Australian authorities, the company said in a statement.

Tasmania-based Huon is the country’s second-largest salmon producer, producing around 35,000 tons of fish and holding around 40% of the local market, according to the statement. Andrew Forrest, a mining magnate, bought a 7.3 percent stake in the Sydney-listed company for just under A$20 million ($15 million) in June.

JBS, which plans to buy 100% of Huon, already operates in Tasmania with a beef-processing facility in Longford.

Source: Money Times

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