SAO PAULO – JBS SA is acquiring Italian deli meat manufacturer Grupo King’s for €82 million ($92.5 million). Once the acquisition is completed, Grupo King’s will be incorporated into JBS’s Rigamonti subsidiary.
Grupo King has market presence in more than 20 countries, including the United States. JBS said the acquisition aligns with its expansion strategy in the United States, Europe and other regions, because it now has a portfolio, production and distribution structure of such Italian specialty meats as prosciutto, bresaola, mortadella, speck and salami.
JBS also expects to gain more synergy in the United States, where its subsidiary Swift Prepared Foods is building a new Italian specialty plant in Columbia, Mo. The facility is expected to be operational in 2022.
“This acquisition follows the strategic direction of growing in products of very high added value,” said Gilberto Tomazoni, chief executive officer of JBS. “It puts us among the leaders of the Italian salumeria and leverages the commercial strategy in the United States, where we are investing $200 million in an Italian specialty factory. (The) King’s and Príncipe brands have great growth potential in Europe and the United States.”