In this file:
· JBS Pork Cartel Settlement Worth $20 Million Gets Early Approval
· Processing challenges unlikely to change for the rest of 2021, JBS investors told
JBS Pork Cartel Settlement Worth $20 Million Gets Early Approval
o Lawsuit alleges secret data exchanges, coordinated statements
o JBS gets early nod from judge for second deal resolving claims
Mike Leonard, Bloomberg Law
April 5, 2021
The pork consumers leading a proposed price-fixing class action over an alleged industrywide cartel scheme won preliminary approval from a federal judge in Minneapolis for a $20 million settlement with meatpacking giant JBS SA.
Judge John R. Tunheim gave his tentative blessing to the deal, which would resolve claims brought by “consumer indirect purchasers” in the U.S. District Court for the District of Minnesota.
“The court finds that the proposed settlement agreement has been negotiated at arm’s length, falls within the range of possible approval and is hereby preliminarily approved,” Tunheim wrote April 2.
Wholesalers previously reached a $24.5...
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Processing challenges unlikely to change for the rest of 2021, JBS investors told
Jon Condon, BEEF Central (AU)
April 6, 2021
RED meat processing challenges in Australia continue to weigh heavily on the company’s financial performance, and that situation was unlikely to change for the remainder of 2021, JBS told stakeholders during an investor briefing just before Easter.
In outlining the company’s impressive 2020 financial year performance to analysts and investors last week, the company spent a disproportionate amount of time talking about operations in Australia, relative to its vast beef, pork and chicken operations in North and South America.
That’s because Australia remains sharply out of kilter with JBS’s beef processing operations this year in the United States, Brazil, Argentina and elsewhere.
As we reported last week, JBS delivered impressive company-wide 2020 financial year results, with global consolidated net revenues reaching US$52 billion, 32pc higher than 2019. Adjusted EBITDA was US$5.6 billion, and net income R$4.6 billion.
The company’s US beef division, including operations in the US, Australia and Canada, saw revenue reach US$22 billion, an annual increase of 23pc.
In North America, the industry fundamentals remained solid during the last quarter and throughout 2020, supported by the good cattle availability and beef demand, analysts were told. Despite the reduction in volumes produced – a consequence of the pandemic impact on processing capacity in the first half of the year – sales revenues surpassed the previous year. That was due to the increase in demand in both US domestic and international markets, which boosted the price of products sold…
... JBS USA chief executive André Nogueira said fundamentals in its US and Canadian businesses were very strong...
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