Jamaica Broilers Workforce (JBG) has reached an settlement to promote its hatchery in Bancroft, Iowa.
The corporate’s determination to promote the hatchery used to be introduced to the Jamaica Inventory Change on March 15. The possible purchaser used to be no longer recognized, however the proposed transaction is valued at US$23 million.
Jamaica Broilers, which does industry as The Absolute best Dressed Rooster, has owned the hatchery since 2016, when it bought it from Welp Inc.
“This asset sale transaction is a strategic funding of JBG to consolidate its belongings, and to extend the potency of JBG’s vertical integration in the US,” the announcement learn.
Ian Parsard, JBG govt director and crew senior vp, informed Jamaica Loop that for the reason that corporate has belongings unfold throughout more than one states, the price to move from Iowa used to be no longer environment friendly, including, “We’re going to be consolidating operations across the processing plant someday.”
The processing plant, which the corporate bought from Gentry’s Poultry in 2019, is positioned in Ward, South Carolina.
JBG additionally owns a hatchery in Large Valley, Pennsylvania, which it bought from Bell & Evans in 2017.
In step with the WATTPoultry.com Most sensible Poultry Firms Database, JBG produced 1.96 million kilos of ready-to-cook rooster in the US on a weekly foundation all through the previous 12 months. It ranks because the 26th greatest poultry manufacturer within the U.S.
With its operations in Jamaica, the corporate additionally ranks because the 3rd greatest poultry manufacturer within the Caribbean and Central The usa, having slaughtered 72 million kilos of broilers all through the previous 12 months.
Jamaica Broilers previous had operations in Haiti, however made the verdict to go out from there in 2022, mentioning this is now not viable to function there amid political unrest, an earthquake and difficulties caused by the COVID-19 pandemic.