Brazilian food giant JBS, the top-selling meat processing company in the world, is moving its business headquarters to Ireland.
The move follows a June vote in the United Kingdom to leave the European Union, a decision commonly referred to as “Brexit”.
The more than 5,300-mile relocation is part of a major corporate restructuring and yet another example of agribusiness globalization, a trend that has taken off in recent years. JBS’ planned move to Ireland was made possible after it bought U.K. food company Moy Park for $1.5 billion in June of 2015. JBS bought Cargill’s U.S.-based pork business for $1.45 billion about a month later.
JBS Foods International becomes the “ultimate parent company” under the planned restructuring.
Documents filed with the U.S. Securities and Exchange Commission show that JBS plans to eventually list that parent company for trading on the New York Stock Exchange.
Financial filings show that JBS reported about $45 billion in sales in 2014.
The company has the ability to slaughter up to 13.8 million chickens and 82,400 cattle a day, according to company documents.
The Irish Times has also reported on the restructuring.
While JBS does not expect the Brexit vote to affect its businesses in the short-term, the company does believe long-term ramifications “could impair” its ability to transact business internationally, according to financial filings:
If the United Kingdom were to significantly alter its regulations affecting the food industry, we could face significant new costs. It may also be time-consuming and expensive for us to alter our internal operations in order to comply with new regulations. Additionally, our Moy Park results of operations may be adversely affected if the United Kingdom is unable to secure replacement trade agreements and arrangements on terms as favorable as those currently enjoyed by the United Kingdom.
JBS employs more than 200,000 workers worldwide and exports to more than 150 countries.