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VIDEO: Morning Market Roundup September 14
Urner Barry's reporters discuss the plant fire at JBS, weather affecting plant proteins, and chicken wing prices.
Grand Island Fire Department Battles Blaze at JBS Beef Plant in Nebraska
On Sunday evening, a fire broke out at the rendering section of JBS’s beef plant in Grand Island, Nebraska. According to a recent tweet from the Grand Island Fire Department, fresh crews have been called to the scene to battle the blaze.
On a Facebook post, JBS stated, “As of this time fabrication and slaughter A and B shift will not be working September 13, 2021. We will...
Meatpacker JBS Takes Plunge Into Seafood Industry with $300 Million Huon Aquaculture Purchase
Brazil-based meatpacking giant JBS has agreed to purchase Australian salmon farmer Huon Aquaculture for AU$425 million (US$313 million).
Huon said JBS will acquire 100% of Huon for a cash consideration of $3.85 per share. The share price is a 61% premium over the closing price of $2.39, which was the last traded price before the company announced a strategic review on February 26.
The board at Huon Aquaculture unanimously recommended the move to sell to the world’s largest meat...
JBS Releases 2020 Sustainability Report
JBS USA, a leading global food company and the majority shareholder of Pilgrim’s Pride Corporation released its 2020 Sustainability Report: Celebrate Your Foodprint, which includes new aggressive global targets and completion of its 2020 sustainability goals. The report transparently details the company’s sustainability actions across its global operations in North America, the UK, Continental Europe, Australia and New Zealand.
“Our sustainability promise is stronger than ever, as we deliver on our goals and continue to raise the bar for more sustainable food production,” said Andre Nogueira, JBS USA CEO. “We have established a new vision...
Pilgrim's Pride Acquires Kerry Consumer Foods’ Meats and Meals BusinessPilgrim’s Pride Corporation announced that it has executed an acquisition agreement to acquire the Meats and Meals business of Kerry Consumer Foods in the United Kingdom and Ireland. Following the Acquisition, Pilgrim’s will be a leading food company, with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands.
The acquisition, which was unanimously approved by Pilgrim’s Board of Directors, values the acquired businesses at a £680 million (or approximately $952 million based on a 1.40 USD/GBP exchange rate as of June 16, 2021) enterprise value. The purchase amount represents...
JBS USA Invests in U.S. Beef Capacity and Permanently Increased Wages
JBS USA announced it is investing more than $130 million in the U.S. beef industry to increase production capacity and more than $150 million in annualized pay increases to workers across its nine beef plants. The investments are part of the company’s long-term strategic commitment to the success and future growth of the U.S. beef industry.
JBS USA has invested $130 million to increase production capacities at two of its major beef processing facilities in Grand Island and Omaha, Neb. The company is on schedule to complete a significant expansion of its Grand Island beef production facility, including the construction of a new harvest floor and enhanced animal welfare facilities, in late summer. JBS USA is also expanding cooler capacity and upgrading...
JBS USA Confirms Equivalent of $11 Million Ransom Payment to Hackers
In a press release Wednesday, JBS USA confirmed it paid the equivalent of $11 million in ransom in response to the cyberattack last week which affected its North American and Australian IT systems.
JBS USA was forced to temporarily close its beef and pork processing plants on June 1 following the Memorial Day weekend. Altogether, the company's facilities account for nearly a quarter of the total U.S. daily cattle and hog processing capacity. JBS's U.S. facilities resumed full operations by Friday and are maintaining normal operations so far this week. Week-to-date cattle slaughter is 154,000 head above the week prior. Week-to-date hog slaughter is up...
VIDEO: Morning Market Roundup June 8
Urner Barry's reporters discuss the poultry market plus the fallout from the JBS cyberattack.
ANALYSIS: Cattle and Hog Producers Weather Another Black Swan Event
In what was yet another black swan event, the cyberattack on JBS last week exemplified the severe impacts that extraordinary incidents can have on...
VIDEO: Morning Market Roundup June 2
Urner Barry's reporters discuss the JBS cyberattack, boneless chicken breasts, and cage-free egg inventory.
FBI Attributes JBS Cyberattack to Russia-Linked Cyber Criminal REvil
JBS, the world’s largest meat processing company, is returning to normalized operations following a cyberattack over the weekend that affected its North American and Australian servers.
On Tuesday evening, JBS released a press statement saying it had made “significant progress” in resolving the cyberattack and expected the “vast majority” of its plants to be operating on Wednesday.
JBS is also a majority shareholder of Pilgrim’s Pride, a leading chicken producer. Pilgrim’s has operations in 14 U.S. states and can process...
Statement from the USDA on JBS USA Ransomware Attack
As noted earlier by the White House, USDA is aware of the ransomware attack against JBS, which is affecting the company’s operations, including its facilities in the United States. USDA continues to work closely with the White House, Department of Homeland Security, JBS USA and others to monitor this situation closely and offer help and assistance to mitigate any potential supply or price issues. As part of that effort, USDA has reached out to several major meat processors in the United States to ensure they are aware of the situation, encouraging them to...
JBS Informs White House that Cyberattack is Likely from Russia
JBS informed the White House that the cyberattack on the company that impacted its cattle and hog plants in the United States yesterday likely originated from Russia.
White House spokeswoman Karine Jean-Pierre said the FBI is investigating the attack and has contacted Russia’s government. Jean-Pierre explained, "the White House has offered assistance to JBS and our team at the Department of Agriculture have spoken to...
Update: Some U.S. JBS Operations U.S. Affected by Cyberattack Today
JBS announced that they experienced a cyberattack over the weekend, forcing some shifts at its U.S. locations to be reduced or canceled altogether today. Industry sources report that JBS will not be operating any of its U.S. cattle plants today. This is expected to trim the day’s cattle slaughter by around 28,000 head from normal.
On the hog side, three of JBS’s U.S. hog plants are said to be down today, while two are operating at reduced capacity. While it is difficult to gauge what today’s hog slaughter could be, the common consensus is in the area of 400,000 head or potentially less. Analysts note that this Saturday’s cattle and hog slaughter could be very large to make up for the downtime...
The duration and extent of processing plant disruptions at JBS's facilities due to the cyberattack is not yet known and will be monitored day-to-day. Adequate processing capacity for the current level of supply is already an issue for the livestock industry, especially on the cattle side.
Major Cyber Attack Impacts JBS' Global Operations
On Sunday, May 30, JBS USA announced that it was the target of a cyberattack. According to a media statement, “the company took immediate action, suspending all affected systems, notifying authorities and activating the company's global network of IT professionals and third-party experts to resolve the situation. The company’s backup servers were not affected, and it is actively working with an Incident Response firm to restore its systems as soon as possible.”
JBS media contact Nikki Richardson explained that a solution will take time and that transactions with customers and suppliers could be delayed.
JBS Foods is the world’s largest beef and poultry producer and the second-largest global pork producer. The company has locations in the United States, Australia, Canada, United Kingdom, Mexico, Europe, and New Zealand...
JBS USA Names Kevin Arquit Chief Legal Officer
JBS USA, leading global food company, announced that one of the country’s top attorneys Kevin Arquit will be joining the company as chief legal officer. In his new role as part of the executive leadership team, Arquit will be responsible for leading all legal, ethics and compliance efforts for the company in the United States, Canada, Mexico, Australia, Europe and the UK.
He will report to JBS USA CEO Andre Nogueira. This is a newly created position for the company, focused on the global business. Kim Pryor remains general counsel for JBS in the United States.
“We are pleased that Kevin is joining JBS and bringing his expertise to this important role for our company,” said Nogueira. “During Kevin’s impressive career, he has made a significant impact on...
A Look at the Role of Automation and A.I. in Protein Processing
A recent report from Boston Consulting Group (BCG) highlights why agribusiness companies should implement automation and artificial intelligence (AI) into their businesses as COVID-19, labor costs and other challenges impact the sector.
Authors from BCG, Decker Walker, head of agribusiness at Boston Consulting Group, Jonathan Van Wyck, member of the Industrial Goods practice at Boston Consulting Group, Helena Nannes, Project Leader and David Pérez, Stockholm make the case for an increase in digital operations.
The report notes labor costs, labor turnover, food loss and waste and workplace safety as reasons to implement more automation in agriculture..
JBS Makes Global Commitment to Achieve Net-Zero Greenhouse Gas Emissions by 2040
JBS announced a commitment to achieve net-zero greenhouse gas (GHG) emissions by 2040. The commitment spans the company’s global operations, including Pilgrim’s Pride Corporation, as well as its diverse value chain of agricultural producer partners, suppliers and customers in their efforts to reduce emissions across the value chain.
JBS is the first major company in its sector to set a net-zero target. The ambition reflects the company’s goal to meet the health and nutritional needs of the growing global population in a sustainable manner that preserves the planet’s resources for future generations. As part of its commitment, the company has signed...
Get to Know Players in the Plant Protein Market: Planterra Foods
One of the fasted growing plant protein brands in the industry has achieved a remarkable 6% market share in a brisk 13-week period. Colorado based Planterra Foods, a subsidiary of Brazilian food giant JBS, has taken the plant-based market by storm with its OZO brand product line of burgers, ground, sausages, and meatballs.
Prior to its debut, OZO had an interesting start as a whiteboard drawing during a design brainstorming session. During the session, a team member at Planterra Foods first drew a globe representing the earth. Another team member added a second circle representative of...
Urner Barry Releases October Emerging Plant Protein Report
Urner Barry Releases October Soy & Wheat Report
Urner Barry Releases October Pulse Protein Report
Urner Barry Releases September Emerging Plant Protein Report
Urner Barry’s Consulting Division to Launch Egg Market Forecasting Report