The fourth largest Brazilian exporter of beef has halted slaughtering operations at all 11 of its plants in Brazil and sent workers home, local Brazilian media reports. In addition, Independรชncia has not paid cattle suppliers for several days and has returned most cattle to suppliers.
According to the Brazilian Secretary of External Commerce (Secretaria de Comรฉrcio Exterior, SECEX), Independรชncia was the fourth-largest Brazilian exporter of fresh and frozen beef and one of the leading Brazilian producers of leather in 2007.
As of last December 31, Independรชncia's total daily slaughter capacity was approximately 12,000 head of cattle and its daily leather processing capacity was approximately 10,000 hides (not including additional outsourced capacity of 3,000 hides per day).
Brazilian development bank BNDES is reported to have a 33% stake (204 million US dollars) in Independรชncia.
The company has made no official statement yet, though they told agencies earlier in the week a statement would be forthcoming.
In markets, the news has taken down the whole sector, already shaken by the default of Brazilian beef producer Arante, which failed to pay a single interest payment on the US$ 150 million the company borrowed from international markets in June of 2008.
Independรชncia, likewise tapped global markets for US$ 300 million in borrowing in May of 2008, on top of an already outstanding borrowing of US$ 225 million in January of 2007.
According to leading investment bank BBO, the news has weighed heavily on markets already jittery from Arante's default in December.
Mercopress
Show Comments (5)
du48
Quit beefing:a golden opportunity for Brazilian innovation,responsible agriculture and farming.
Less beef means less methane gas, less cattle ranching in marginal areas where there is deforestation and consequently less greenhouse effect.
In Brazil,there are about 200 million head of cattle- each adult animal emits 58 kilos of methane-10 million tons of methane a year, equivalent to 200 million tons of carbon.
http://www.estadao.com.br/suplementos/not_sup297121,0.htm
Augustus
what a fascinating subject… ouch!
Really….Cows????.
Isn’t there any interesting Embassy bash in Brasilia, or perhaps an Auto-show or Cocktail Party in Sao Paulo to narrate and start a discussion? As a matter of fact, I suppose nearly any other more cultivating subject-matter or occasion (anything but cows & furniture) might oblige nearly every Penchant or Prรฦยฉdilection among the main Bloggers hereรยขโฌยฆ
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ch.c.
how are they going to cope up with the domestic demand ?
It all depends of people at work with sufficient income !
You should know the employment trend for the time being.
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Also somewhat funny that even in this industry your government, through BNDES, totally control companies with slaughtering plants !
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Joรฦรยฃo da Silva
[quote]The fourth largest Brazilian exporter of beef has halted slaughtering operations at all 11 of its plants in Brazil and sent workers home, local Brazilian media reports.[/quote]
BUT….BUT……..how are they going to cope up with the domestic demand? ๐ฎ
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Heifer !!!!
Hey Shelly…. It looks like you are going to auction!
Love U
Costa