JBS to take over XL Foods Alberta facility as recall expands
JBS USA has announced that it will take over management of the XL Foods facility in Brooks, Alberta, that has been at the center of a massive beef recall in Canada and the United States. The agreement between JBS and XL Foods has an option for JBS to buy the Canadian and American operations of XL Foods, reports the Washington Post. Should the transaction be completed, JBS would pay $50 million in cash and $50 million in JBS SA shares, reports the Canadian Press.
"We know full well the commitment it takes to manage world-class operations that produce safe and nutritious products for consumers around the world," said Bill Rupp, president and chief operating officer of JBS USA. "We believe our experienced team will prove an invaluable asset in the management of XL Lakeside and we look forward to exploring our options to purchase XL assets in the near future."