JBS Couros and Viva merge to form a leather mega-group
Brazilian companies JBS Couros and Viva have signed a binding memorandum of understanding to form a new group called JBS Viva. The new company will process over 20 million hides per year
JBS Viva will be 50% owned by JBS and 50% owned by Viva’s shareholders. With 31 facilities employing more than 11,000 people across Brazil, Italy, Uruguay, Argentina, Mexico and Vietnam, the new company will expand its presence in different markets and be able to process 20 million hides per year.
“The merger with Viva creates new opportunities for all of JBS Couros’s 7,000-plus employees, who are now part of a stronger business ready to compete globally”, said JBS Global CEO Gilberto Tomazoni. Viva, which was established two years ago through the merger of the Viposa and Vancouros-Vanz tanneries, has a processing capacity of seven million leather units per year.
The agreement to establish the new entity remains subject to various conditions, including the signing of definitive contracts and regulatory approvals. Under the governance structure, JBS will appoint the chairman and chief financial officer of JBS VIVA, while Viva’s shareholders will appoint the chief executive officer and chief operating officer.
Image Credits: jbscouros.com
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