Shares of meatpacking giant JBS begin trading on the NYSE
(AP) — Shares of Brazilian meat giant JBS fell nearly 3% in morning trading as they made their debut Friday on the New York Stock Exchange.
Trading in New York is a long-held goal for JBS, which was founded 72 years ago and is now one of the world’s largest meat companies. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. JBS is America’s top beef producer and its second-largest producer of poultry and pork.
JBS’s minority shareholders voted last month to approve the company’s plan to list its shares both in Sao Paulo and New York, casting aside opposition from environmental groups, U.S. lawmakers and others who noted JBS’ record of corruption, monopolistic behavior and environmental destruction.