JBS signs a $1.5 billion deal with Alibaba to sell meat in China
A memomrandum of understanding was signed by Renato Costa, CEO of JBS Beef Brazil, and Richard Wang, an executive from Win Chain, a subsidiary of the Alibaba Group which focuses on fresh foods and coordinates the company’s supply chain.
The ceremony was held on November 6 during the China International Import Expo and was attended by other JBS executives, including Joanita Karoleski, CEO of Seara, and Brent Eastwood, CEO of JBS Australia, as well as Zhang Ye, CEO of Win Chain.
JBS said it should deliver its first shipment of products within 30 days.
“This deal will significantly expand our beef business and build further value for the Friboi brand, which we launched in China during the CIIE. We have developed products based on packaging, cuts and portions specifically designed for the Chinese market”, said Renato Costa. “Our brands are increasingly being recognized for the high quality and safety of the food we produce, with product traceability and a sustainable production process – issues of increasing importance to consumers – and they will be available across a variety of channels for either corporate customers – retail and food service – or end consumers (B2B)”, he explained.
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