Latest news with #meatprocessing
Yahoo
a day ago
- Business
- Yahoo
HKFoods backtracks on plan to sell Polish bacon factory
Following a strategic review, Finnish meat processor HKFoods has decided to keep its bacon production unit in Swinoujście, Poland. In a stock exchange filing published today (3 July), the company said it will 'continue with the current group structure', backtracking on reassessment plans announced in April that could have included a sale of the Swinoujście site. Operated by HKFoods' business in Poland, the Swinoujście plant has around 300 employees, according to the company. HKFoods reiterated its April estimate today that the Polish subsidiary will generate net sales of approximately €70m ($82.3m) in 2025. Commenting on the decision, HKFoods CEO Juha Ruohola said: 'We have invested in the Polish bacon unit over the past years and the profitable unit is in good shape. We have developed the unit's capacity and efficiency by investing in a slicing and packaging line in 2024, for example. During the first half of 2025, we have also continued our investment in increasing the added value of our Polish operations and our property development project. 'Following the extensive restructuring, we are now focusing on implementing our strategy in the HKFoods Group's operations in Finland and Poland, improving the competitiveness of our core business and the profitability of our operations, in addition to commercial activities." The company had said in April that the assessment was part of its ongoing evaluation of its group structure 'aimed at strengthening the group's balance sheet'. The Finnish meat processor has undergone significant restructuring in recent years to bolster its financial flexibility, including selling its businesses in the Baltics, Sweden, and Denmark. In May last year, the company signed a deal to sell its Danish subsidiary to Plukon Food Group, a Netherlands-based poultry group, for €44.6m. HKFoods also sold its Swedish business to local agri-food group Lantmännen in January 2024. The company's 2024 financial results, published in February, showed net sales from continuing operations of €1bn, up 7.4% from the previous year, driven by 'good' consumer demand and 'successful' commercial activities. EBITDA from continuing operations rose to €56.3m, a 24.8% increase from 2023, while the loss for the period narrowed to €1.8m from €17.3m in 2023. Losses turned positive in the most recent results issued in May for the first quarter of 2025. HKFoods delivered a net profit of €0.8m versus a €3.8m loss a year earlier. Sales climbed 2.2% to €233.7m in the three months to 31 March, while EBITDA from continuing operations rose 36% to €12.1m. In March, HKFoods also closed a slaughterhouse in the town of Paimio, Finland, as cattle numbers declined. Operations conducted by the company's Paimion Teurastamo business were to be transferred to the 'external service provider' Liha Hietanen in Sastamala by 31 March, HKFoods said in a statement. "HKFoods backtracks on plan to sell Polish bacon factory" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Bloomberg
16-06-2025
- Business
- Bloomberg
Beef Processor Kilcoy Files for US IPO Showing Rising Profit
Kilcoy Global Foods Ltd. filed early Monday for an initial public offering in the US, to capitalize on the fast-growing appetites of both US and Asian consumers for prepared protein-based foods. The processor of meats and seafood, along with some of its shareholders, plan to sell American depositary receipts according to a US Securities and Exchange Commission filing. Kilcoy traces its roots to Australia in 1953 and was acquired in 2013 by a fund affiliated with Chinese agriculture giant New Hope Group.
CTV News
13-06-2025
- Business
- CTV News
JBS shares are expected to begin trading on the NYSE
Employees move into an entrance to the JBS meat processing plant in Greeley, Colo. on July 22, 2021 (AP Photo/David Zalubowski, File) Brazilian meat giant JBS expects its shares to begin trading 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. JBS said a dual listing would give it broader access to investors and more competitive interest rates, which would help it finance its growth. It has also said a U.S. listing would subject it to more oversight from regulators. The U.S. Securities and Exchange Commission approved JBS's planned listing last month. Still, the proposed listing has received significant pushback. Earlier this week, Mighty Earth, an environmental group, said it sent a letter to the NYSE board urging it to decline the listing. Mighty Earth contends that JBS is illegally profiting from deforested land in Brazil. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that JBS's shareholders reject the planned listing. In its report, Glass Lewis said the recent return of brothers Joesley and Wesley Batista to the JBS board should concern investors. The brothers, who are the sons of JBS' founder, were briefly jailed in Brazil in 2017 on bribery and corruption charges. Glass Lewis also objected to the company's plan for dual share classes, which give the Batistas and other controlling shareholders more voting power. JBS said the outcome showed shareholders were confident in the benefits a dual listing would bring. Dee-ann Durbin, The Associated Press
BBC News
13-06-2025
- Business
- BBC News
New Inverurie abattoir plans reviewed after site closure
Plans for a new abattoir in Inverurie - to be built partly using public funds - are being reviewed after the closure of the existing facility. A total of 90 jobs were lost this week when the Scotbeef slaughterhouse in the town's North Street abruptly closed its doors. Almost half of a £4m Scottish government grant made for a new abattoir in 2018 has already been spent. However, Scotbeef said work on the project had been paused while a review was carried out into its sustainability. Scotbeef blamed this week's decision to close the North Street abattoir on what it called the sustained challenges facing the industry.A redundancy process has now started with staff. It is the latest setback for long-term plans to replace it with a state of the art new abattoir and meat processing facility close to the town's Thainstone auction mart. Housing was to be built on the North Street site, which sits in a residential area and beside a primary school. Outline planning permission for 50 homes was granted in 2023 following the expiry of an earlier 2018 the Scottish Government awarded Scotbeef £4m towards the project, almost half of which has been it is not known when, or even if, work will resume. 'Challenging market' A spokesperson for Scotbeef said: "Work on the Thainstone site is currently paused as we undertake a review of the project's long-term viability in light of increasingly challenging market conditions."Of the £4m Scottish government grant awarded in 2018, £1.96m has been drawn down. "This money was spent acquiring the site for the proposed abattoir facility and for early-stage preparatory work."At this stage, no final decision on the future of the project has been taken."The Scottish government, when asked if it was considering trying to recoup the grant, said there had been "no recent discussions" with the company. "We will consider the options available over the grant funding once the company's intentions for the site are known," it said in a statement. It added that its immediate concern was with the affected staff.
BBC News
26-05-2025
- Business
- BBC News
Small abattoirs in South East face uncertain future as costs rise
The owner of one of the last remaining small abattoirs in the South East has said he is "incredibly concerned" about the future of the Smith, who runs Down Land Traditional Meats in Henfield, West Sussex, said without more financial support from the government his slaughterhouse may not survive. He said that would impact farmers who choose to supply butchers and farm shops, rather than government said it is "committed to working with the meat processing sector in tackling the challenges they face". The cost of disposing of animal waste has risen to £5,000 a week. "An ageing workforce is also a challenge" Mr Smith said, "the average age of a slaughterman is 63. Young people are not interested in coming in to the industry. "The abattoir is not viable and is making a loss. I'm running a wholesale butchery, that's what's keeping our business alive."We do need support and funding." The number of abattoirs in the UK has fallen from about 2,500 in the 1970s to 203 by operations in England fell from 64 in 2019, to 49 in 2023, with five closing in Edward Perrett from Ditchling, West Sussex, uses Mr Smith's abattoir, selling the meat to customers in his farm shop."To have a short journey to an abattoir is good for animal welfare and it keeps the cost down" he said."If the abattoir closed down it would make life very difficult." Mr Smith has the support of Arundel and South Downs Conservative MP Andrew Griffith said: "This is a vital, sometimes neglected part of our food supply chain. There is a real crisis here."The last government set up some grants but we need even more than that and crucially, less red tape." A spokesman for the Department for Environment, Food and Rural Affairs said: "Small abattoirs make a vital contribution towards maintaining our resilient food supply chain and provide a competitive route to market for producers of rare and native breeds."We are investing £5 billion into farming, the largest ever budget for sustainable food production, and are unlocking rural growth with reforms to boost farmers' profits."
