JBS Friboi buys Australia's Tasman Group

Australia's Tasman Group, the country's largest meat processor, has sold its business to Swift Australia, a subsidiary of JBS Friboi, the world's biggest beef producer.
Brazil-based JBS has also acquired two US companies, Smithfield Beef Group and National Beef Packing Co.
JBS has purchased the three companies for a total of A$1.4 billion.
"Notwithstanding its strong financial position, the owners believed that substantial capital was needed to take the business to the next stage and give the business and its brands a national and international footprint", said Joe Catalfamo, a major shareholder in Tasman.
"Swift has the financial resources, the operational expertise and the international markets to grow and take the business to the next level.
"Swift will be able to carry our Tasman vision forward, significantly expand plants and value adding capacity and increase the current presence of "King Island beef" and Tasman's other brands in national and international markets."
With its acquisition, Swift will operate a total of 10 processing operations in Australia. The combined workforce in Australia will be in excess of 7000.
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