JBS Australia Group is moving into pork in Australia in a big way.
The company this morning announced an agreement to acquire 100 per cent of Rivalea Holdings and 100pc of Oxdale Dairy Enterprise from Singapore-listed food company QAF Limited.
Rivalea Holdings owns two subsidiaries incorporated in Australia namely and is a majority shareholder in Diamond Valley Pork.
Rivalea is a leading vertically integrated pork producer and processor, supporting high quality pork production for the Australian domestic and international export markets.
JBS Australia chief executive officer Brent Eastwood said JBS planned to invest significantly in the Rivalea business to expand opportunities for both fresh and value-added Australian pork products in domestic and international markets.
"Rivalea is a leader in the Australian pork sector with a strong team and track record of sustainable pork production. JBS Australia is committed to building on these strong foundations and growing the business through new opportunities for Australian-grown pork," he said.
"Our acquisition of Rivalea will enable us to expand into the breeding, growing, fattening and finishing of pigs, an area where JBS Australia does not currently operate.
"We intend to grow the use of domestic pork in JBS Australia's operations, particularly within our Primo business, through further value-adding and processing, while unlocking new opportunities for Australian pork in international export markets.
"JBS has a long and proud history of supporting and growing its Australian businesses - investing heavily in its local operations and domestic brands, while at the same time providing employment opportunities and supporting the regional economies in which we operate."
JBS Australia said it looks forward to working closely with Rivalea's management and workforce, existing customers, suppliers and contractors once the transaction is approved.
The acquisition is subject to relevant regulatory approvals including ACCC and FIRB.