Moy Park parent company JBS shifting operation to Ireland
Brazilian meat producing giant JBS has annoucned plans to shift its parent company to Ireland, establishing its Irish office as the top of a global conglomerate - but only technically.
Print15 August 2016
JBS, the Brazilian company that is parent to Moy Park and also one of the world’s largest meat producers in the world, has commenced plans to overhaul its corporate structure, effectively moving the corporation’s top tier to Dublin.
JBS, which paid $1.5bn (€1.3bn) for Moy Park in 2015, will have an office in Dublin’s Docklands, which will take ownership of all of JBS’s assets – worth an estimated €30bn through sales in 190 countries.
However, according to The Irish Times, while JBS will be housed in Ireland, the company will not be run from this office, but from another new office in Hertfordshire in England. This development has led certain quarters to see the move as an attempt to capitalise on Ireland’s favourable corporation tax; a spokesperson for the Department of Finance was cool on the deal, saying that Ireland does not want such “brass-plate operations.”
We only have and want real substantive foreign direct investment,” the spokesperson said, “the kind that brings real jobs and investment into Ireland.”
At the time of writing it was not clear whether the move would have any favourable effect for Ireland either in terms of employment or of the country’s GDP.
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