Joyce welcomes conditions on JBS / Primo FIRB approval
4 March 2015
Minister for Agriculture, Barnaby Joyce, today said that conditions attached to the sale of Primo to Brazilian company JBS would ensure that local cattle producers would have certainty around access to the Scone abattoir for contract processing.
- The Treasurer has approved the sale of Primo to JBS with the following conditions:
- That the Scone abattoir must remain open and retain its capacity for consignment killings accessible by third parties
- If they fail to do so the Treasurer has the power to order the company to divest
- That JBS reports to the Foreign Investment Review Board on its compliance every 6 months
- That the transaction will be reviewed in three years.
These conditions meet the demands of a number of producers, farming organisations and other concerned stakeholders that I met with or who contacted my office regarding this issue.
I acknowledge that there were calls for more than this, but given the outcome of the Australian Competition and Consumer Commission (ACCC) decision, there was every chance that we may have gotten less.
With these stringent conditions in place I believe the Treasurer has found an appropriate balance for all parties using his powers under the Foreign Investment Review Board (FIRB) framework.