6-18 news: JBS denies wrongdoing in Brazilian graft investigation
Several Brazilian processors and leather companies, including Bihl, Margen and Curtime Nossa Senhora Aparecida are part of the investigation into the bribing of public officials, racketeering, corruption, fraud and collusion, Reuters reported. Several local and federal government officials are also involved, as are officials from the Banco de Amazonia bank. The JBS facility was targeted, stated public prosecutor Reginaldo Trindade, for arranging for inspectors to ignore the fact that it was adding water to meats to boost weights.
JBS spokesman Vanessa Esteves said the company “has no link whatsoever with crimes connected with this inquiry.” The investigation in Porto Velho targeted civil servants and not JBS, she added.
Sources: Bloomberg, Reuters
Pilgrim's on track for bankruptcy exitPilgrim's Pride reported an operating profit of $16.74 million in May after one of $13.92 in April. The company is not planning any further cuts in production after reducing output 9 to 10 percent earlier this year, Reuters reports.
Pilgrim's Pride is still on track for exiting bankruptcy later this year, according to CEO Don Jackson.
Private equity firm buys Church's ChickenFriedman Fleischer & Lowe LLC, a private equity firm located in San Francisco, has agreed to purchase Church's Chicken from Arcapita Bank BSC, a Bahraini bank that bought the company in 2004. Terms of the deal were not disclosed, AP reports.
Church's operates more than 1,600 restaurants worldwide, under the Church's and Texas Chicken brands. The acquisition is expected to be completed within 30 days.
David L. Lowe, Vice Chairman of FFL, said: “FFL has a long history of successful consumer industry investments. The acquisition of Church’s Chicken represents an opportunity to apply our sector expertise to enhance the value of an outstanding quick service restaurant chain. We are impressed by Church’s global footprint, compelling value positioning, history of industry-leading same stores sales growth, and of course the opportunity to further expand domestically and internationally. We look forward to working with Harsha Agadi and the Company’s extraordinarily talented management team.”
Source: Associated Press, Friedman Fleischer & Lowe LLC