JBS could sell three Argentine meat plants – source

BUENOS AIRES, Aug 28 (BestGrowthStock) – Brazilian meatpacking
group JBS (JBSS3.SA: ) could sell three of its plants in
Argentina, where the industry is being hurt by falling cattle
stocks, an industry source said on Saturday.

Argentina’s Domestic Commerce Secretary Guillermo Moreno
made the announcement during a recent meeting of industry
executives, the source said, speaking on condition of
anonymity.

A spokesman for JBS, the world’s biggest beef producer,
declined to comment.

The plants that could be sold, located in Pontevedra,
Berazategui and San Jose, are currently operating at a reduced
capacity due to a decline in the number of cattle being sent to
market.

Falling beef output in the country, a leading global
supplier, has boosted domestic steak prices, leading the
government to curb exports in an effort to reduce the cost of
the nation’s favorite food.

It has also paid subsidies to meat-packing industry workers
to compensate them for lost working hours.

Ranchers say the reduction in the size of the national herd
has been caused by government policies that have driven many
farmers to sell their animals and rent fields out for crops
such as soybeans.
(Reporting by Nicolas Misculin; Writing by Helen Popper;
Editing by Eric Beech)
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JBS could sell three Argentine meat plants – source