Brazilian meatpacker JBS has agreed to buy a stake in Mantiqueira Alimentos, marking the food giant's entry into the egg sector in a deal that valued Mantiqueira at 1.9 billion reais (€300 million).
JBS said in a securities filing it had agreed to purchase shares representing 48.5% of the total capital stock and 50% of the voting shares of Mantiqueira, meaning it would share control of the company with its founder Leandro Pinto.
Mantiqueira currently produces around 4 billion eggs per year and has plants in six Brazilian states, JBS said, adding it also exports eggs to countries in South America, Asia, Africa and the Middle East.
"This agreement will allow JBS to enter the egg sector and reinforce its global platform diversified by geography and protein, which has allowed the company to continue growing with solid results," JBS said.
JBS currently operates in the beef, chicken and pork segments, in addition to producing salmon and 'alternative', such as plant-based, proteins. The Mantiqueira deal still requires regulatory approval.
JBS
In August 2024, the Brazilian meatpacker said that divisions that process chicken and pigs lifted its quarterly results, including poultry unit Pilgrim's Pride, JBS USA Pork in the US, and Seara in Brazil.
Performance there compensated for the slump in the Beef USA division, which accounts for about a third of JBS' revenue, the company's second-quarter results showed.
JBS reported a net profit of 1.72 billion reais (€290 million) for the quarter.
While the company missed forecasts by LSEG analysts, who had predicted a net profit of 2.02 billion reais (€340 million), it returned to a profit after a net loss the same quarter a year earlier.
