Australia’s leading producer of ham, bacon and smallgoods, PrimoGroup, looks set to become the third major food and beverage company to fall into overseas hands this year after signing a conditional agreement (which remains subject to customary regulatory approvals). If approved, the move would see Australia’s largest fresh meats processor, JBS Australia Pty Limited (JBS Australia) acquire Primo Group for A $1.45 billion.
According to a statement released by both groups, the transaction is set to leverage the Primo Group’s growing export operations across Asia, including China, and is consistent with the global strategy of JBS S.A. (JBS) to grow its presence in value-added products. JBS is the world’s largest processor of fresh meats.
