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Keep reading...Brazilian meat giant JBS announced a few days ago that it had signed a binding memorandum of understanding with Viva shareholders to merge the two companies’ assets related to leather production and marketing.
In a statement to the stock exchange, JBS specified that the new company will be called JBS VIVA and will be 50% owned by JBS and 50% by Viva’s shareholders, namely Vanz Holding and Viposa.
The merger between JBS and Viva will therefore give rise to JBS Viva, a new Brazilian super-giant in the tanning sector. This operation is set to change the balance of the global leather market. The new company boasts 31 plants with over 11,000 employees in Brazil, Italy, Uruguay, Argentina, Mexico, and Vietnam and, according to initial statements, is expected to produce more than 20 million hides per year.
JBS Viva’s governance structure provides for JBS to appoint the chairman of the board of directors and the chief financial officer, while Viva’s shareholders will appoint the CEO and chief operating officer.
