sao paulo / reuters / Brazil’s JBS SA, the world’s biggest integrated meat producer, will open six new slaughterhouses that will increase beef production capacity in the coming months in Brazil by 15 per cent.
The new plants will add processing capacity of 1.2 million head of cattle by July 2013, and eventually up to two million head a year.
Separately, JBS posted a quarterly profit of $178 million, driven by its strong beef business in Brazil and recovering U.S. poultry operations.
Brazil’s grass-fed beef industry is hoping to gain market share as other global beef producers, such as the U.S., Europe and Australia, which have been battered by high feed costs.
“The cost of raising an animal in the United States is twice the cost of raising an animal in Brazil,” said Wesley Batista, the company’s chief executive.
CME Group takeover gets go-ahead
chicago / reuters / CME Group has received approval ahead of schedule from U.S. anti-trust regulators to buy the Kansas City Board of Trade, although the deal is not yet finalized.
Regulators say the deal is not anti-competitive and that they would not object, a spokesman for the Federal Trade Commission said.
CME, which owns the Chicago Board of Trade, agreed in October to buy the Kansas City Board of Trade for $126 million in cash, beating out several rivals before clinching the deal.
The purchase cements CME’s dominance in world grain futures markets and keeps rival IntercontinentalExchange from gaining an important foothold in agriculture.