Shares Of Meatpacking Giant JBS Fall In NYSE Debut

Shares of Brazilian meat giant JBS dropped 3.9% in their debut on the New York Stock Exchange (NYSE), marking a subdued start to the company's long-anticipated dual listing, Dee-Ann Durbin reported for the Associated Press (AP).

JBS is the leading U.S. beef producer and ranks second in poultry and pork. I Photo: JBS SA

The NYSE listing represents a key milestone for JBS, founded 72 years ago and now one of the world’s largest meat producers. The company derives half its annual revenue from the U.S., where it employs more than 72,000 people.

JBS is the leading U.S. beef producer and ranks second in poultry and pork.

Last month, JBS’s minority shareholders approved the dual listing in both São Paulo and New York, despite opposition from environmental groups, U.S. lawmakers, and investor advocates who cited the company’s track record of corruption, anti-competitive practices, and environmental violations.

JBS said the listing will broaden its investor base, reduce financing costs, and expose the company to stricter U.S. regulatory oversight.

The U.S. Securities and Exchange Commission cleared the listing last month.

Critics, however, remain vocal. Environmental group Mighty Earth sent a letter to the NYSE board urging it to reject the listing, accusing JBS of profiting from illegal deforestation in Brazil. Influential proxy advisory firm Glass Lewis also recommended shareholders vote against the plan.