Brazil's JBS to resume operations at 7 plants in Brazil

October 23, 2017 12:30 PM
 
Brazilian meatpacker JBS SA will resume operations on Tuesday at seven slaughterhouses in Mato Grosso do Sul state.

Brazilian meatpacker JBS SA will resume operations on Tuesday at seven slaughterhouses in Mato Grosso do Sul state that had been shut since Wednesday following a court-ordered asset freeze, a media representative said on Saturday.

JBS, whose owners are ensnared in a broad corruption and insider trading investigation in Brazil, had decided to stop operations at the plants after a local court blocked it and controlling holding company J&F from having access to about 730 million reais ($228.68 million) due to allegations of tax irregularities in the state.

The world’s largest meatpacking company said in an emailed statement that it had reached an agreement with local authorities in Mato Grosso do Sul to reopen the plants, but it was not clear if its resources would be unblocked.

Representatives for cattle ranchers in the state were worried that the closures would lead to oversupply in the local market, since other companies would not be able to make up for the idled JBS installations.

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