Adds details, CEO quote
SAO PAULO, Dec 13 (Reuters) – Brazilian meatpacker JBS SA JBSS3.SA agreed a deal to acquire Italy-based delicatessen company Grupo King’s, which will be incorporated by its subsidiary Rigamonti, for 82 million euros ($92.38 million).
JBS said in a securities filing that Rigamonti will own all of Grupo King’s four factories in Italy as well as its operations in the United States, including a plant located in New Jersey.
Under the deal, Rigamonti has also acquired a 20% stake in hog producer Piggly and will hold the commercial operations of Italian delicatessen brands King’s and Principe, JBS added.
“This deal follows our strategic goal of growing in very high value added products. It puts us among the leaders in the Italian salumeria sector and also boosts our commercial strategy in the U.S.,” JBS Chief Executive Gilberto Tomazoni said in a separate statement.
The transaction requires approval from antitrust regulators.
($1 = 0.8876 euros)
(Reporting by Roberto Samora; Writing by Gabriel Araujo; Editing by Louise Heavens)
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