TASMANIAN salmon producer Huon Aquaculture is another step closer to being in the hands of an international giant.
This week the Foreign Investment Review Board issued a no objection notification for the proposed JBS acquisition of Huon.
Last day of trading in Huon shares will be Wednesday, November 3 with suspension of trading in Huon shares on the ASX from market close.
JBS has the meat processing plant at Longford and has a strong presence in the state’s beef market.
JBS has come under scrutiny in recent years.
The company sent lamb processing to Victoria and closed the meat processing plant on King Island but retained the King Island beef brand.
Farmers are critical of the success of the beef brand, because they manage herd genetics and deliver quality livestock.
Huon chairman Neil Kearney said: “The FIRB decision is another important step in securing the future of Huon, our 800-plus employees and the hundreds of Tasmanian businesses that work with our company.
“In addition to its commitment to invest in the business and our people, JBS has committed to maintaining our world-leading farming practices to support long-term sustainable growth.
“Huon has established the highest standards of animal husbandry, biosecurity, environmental management, and sustainable farming practices and JBS will continue this uncompromising approach.”
Huon chief executive Peter Bender said his company was the first and only seafood producer in Australia to achieve RSPCA Approved Farming certification.