JBS announced on Monday a new reorganization plan that includes an initial public offering in the United States. JBS plans to launch shares of its subsidiary, JBS Foods International, in the first half of 2017 as part of a larger reorganization.
The plan, unveiled by the company late Monday, replaces an earlier proposal that was vetoed six weeks ago by Brazil’s state development bank BNDES, the investment arm of Brazil’s development bank, who is a major shareholder in JBS.
JBS Foods International would be responsible for managing all of the company’s international operations. Parent company JBS will continue to manage and control the company’s Brazilian beef unit operations. JBS said Wesley Batista would be the chairman of JBS Foods International. Gilberto Tomazoni would be chief executive officer. Tomazoni has held several positions within the company over the last four years. JBS Foods International would also manage the Brazil-based food processing subsidiary Seara Alimentos.
