News 1382 views update:Mar 9, 2016

Jamaica Broilers to buy US egg producer

Jamaican poultry company, Jamaica Broilers Group Limited (JBG) is getting set to buy a US egg company in a deal thought to close at the end of August.

The target of the acquisition is so far unknown, but the plans were disclosed via a stock market filing which stated the intention to close sale on a producer and broker of broiler-hatching eggs, within 45 days. The price of the acquisition is to remain confidential until the deal closes, Broilers said.

JBG President and CEO Christopher Levy said his company already owned broiler-hatching facilities in both the US and Jamaica, and the current transaction was a direct expansion of the overseas operation only and would not affect the existing supply arrangements locally.

"80% of what we produce in the US is sold to third parties in markets such as Haiti, Mexico, or the same place in the US. The plan is for us to expand in those existing markets first," said Levy.

The Jamaica Stock Exchange filing said the acquisition, if concluded, is expected to result in the doubling of Jamaica Broilers fertile egg-production output in the US.

Source: Jamaica Gleaner

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