As it deals with more U.S. Immigration and Customs Enforcement visits, Swift & Co. now has new ownership.
The Brazilian firm-- JBS S.A.-- that claimed the bid for Swift & Co. in May has now completed the acquisition. JBS is Latin America's largest beef processor, and with the purchase of the Greeley, Colo.-based Swift, it becomes the world's No. 1 beef processor.
The all-cash transaction is valued around $1.5 billion.
Wesley Mendonca Batista, who has been serving as JBS S.A.'s executive director of operations, will now take charge of the JBS Swift Group. Swift CEO Sam Rovit had previously announced that he would step down once the sale was complete.
In the second half of 2006, Swift received several unsolicited inquiries regarding a sale, leading the company to retain JPMorgan Chase & Co. in January to review options
Swift was the United State's third-largest beef and pork processor.
ICE federal agents have arrested nearly 19 people at Swift plants just this week in follow-up visits from the December 2006 raids at all six U.S. Swift plants.