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End-of-day quote. End-of-day quote Bolsa de Valores de Sao Paulo - 07/26
31.44 BRL   +2.54%
07/20JBS Bids to Hook Huon Aquaculture
07/13JBS S A : Relatório de Sustentabilidade 2020
07/09JBS S A : U.S. pledges $500 million to increase meat processing capacity
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Large North American meat plants stop slaughter after JBS cyberattack

06/01/2021 | 10:27am EDT

CHICAGO, June 1 (Reuters) - JBS canceled shifts at large U.S. and Canadian meat plants on Tuesday after the company was hit by a cyberattack over the weekend, threatening to disrupt food supply chains and further inflate food prices.

The attack caused JBS's Australian operations to shut down on Monday. The company, the world's largest meatpacker, said it was working to resolve the incident, which has stopped livestock slaughter in JBS plants in several U.S. states.

"On Sunday, May 30, JBS USA determined that it was the target of an organised cybersecurity attack, affecting some of the servers supporting its North American and Australian IT systems," it said in a Monday statement.

The company has not responded for additional request for comment on the nature of the attack or why meat production is being impacted. JBS controls about 20% of the slaughtering capacity for U.S. cattle and hogs, according to industry estimates.

JBS reported the incident a few weeks after a ransomware attack on Colonial Pipeline, the largest fuel pipeline in the United States, crippled fuel delivery for several days in the U.S. Southeast.

The attack also comes at a time of rising meat prices as China increases imports, food costs rise and plants continue to face labor shortages that started during the COVID-19 pandemic.

The cyberattack could push U.S. beef prices even higher by tightening supplies, said Brad Lyle, chief financial officer for consultancy Partners for Production Agriculture.

The average unit price for U.S. fresh beef in April rose by 5% from March and was up about 10% from a year earlier, according to NielsenIQ data. Pork and chicken prices are each up about 5.4% from last year.

U.S. inventories of frozen beef at the end of April were 5% lower than a year earlier, while frozen pork supplies were down 26%, according to the U.S. Department of Agriculture.

Any impact on consumers would depend on how long production is impacted, said Matthew Wiegand, a risk management consultant and commodity broker at FuturesOne in Nebraska.

"If it lingers for multiple days, you see some food service shortages," Wiegand said. "The good thing is that this happened after Memorial Day. You are on the downhill side of summer demand and summer bookings."

Two kill and fabrication shifts had been canceled at JBS's beef plant in Greeley, Colorado, due to the cyber attack, representatives of the United Food and Commercial Workers International Union Local 7 said in an e-mail. JBS Beef in Cactus, Texas, also said on Facebook it would not run on Tuesday -- updating an early post that had said the plant would run as normal.

The United States Cattlemen's Association, an industry group, said on Twitter that it had reports of JBS redirecting livestock haulers who arrived at plants and were to unload animals for slaughter.

Last year, cattle and hogs backed up on U.S. farms and some animals were euthanized when meat plants shut due to COVID-19 outbreaks among workers.

JBS Canada said in a Facebook post that shifts had been canceled at its plant in Brooks, Alberta, on Monday and one shift so far had been canceled on Tuesday.

JBS, which has its North American operations headquartered in Greeley, did not respond to additional questions about the cyberattack. A representative in Sao Paulo said the company's Brazilian operations were not impacted.

A JBS beef plant in Grand Island, Nebraska, said only workers in maintenance and shipping were scheduled to work on Tuesday due to the cyberattack.

"We continue to work through the situation and will keep you informed regarding production on Wednesday," the Facebook post from Grand Island, Nebraska, said.

The JBS cyberattack spurred a new round of support for improved cyber security.

Congressman Rick Crawford, an Arkansas Republican, called for a bipartisan effort to secure food and cyber security.

"Cyber security is synonymous with national security, and so is food security," he wrote on Twitter.

(Reporting by Caroline Stauffer, Tom Polansek, Mark Weinraub in Chicago; Additional reporting by Ana Mano in Sao Paulo Editing by Chizu Nomiyama and Nick Zieminski)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CRAWFORD & COMPANY -1.05% 10.39 Delayed Quote.45.83%
FACEBOOK INC -1.61% 366.37 Delayed Quote.36.35%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.22% 161.85 End-of-day quote.15.20%
JBS S.A. 2.54% 31.44 End-of-day quote.32.88%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.28% 123.1 End-of-day quote.9.30%
All news about JBS S.A.
07/20JBS Bids to Hook Huon Aquaculture
07/13JBS S A : Relatório de Sustentabilidade 2020
07/09JBS S A : U.S. pledges $500 million to increase meat processing capacity
07/09JBS S A : Biden presses Putin to act on ransomware attacks, hints at retaliation
07/06JBS S A : Biden seeks to lift limits on farmer deals with meat processors, tract..
07/06MICROSOFT : Biden says ransomware attack caused 'minimal damage' to U.S. compani..
07/05Up to 1,500 businesses affected by ransomware attack, U.S. firm's CEO says
07/04FIREEYE : White House reaching out with assistance to latest ransomware victims
06/30JBS S A : Brazil's JBS brings forward goal of eliminating deforestation in suppl..
06/30WH : Smithfield Foods to pay $83 million to settle pork price-fixing claims
More news
Sales 2021 306 B 59 107 M 59 107 M
Net income 2021 10 902 M 2 106 M 2 106 M
Net Debt 2021 44 490 M 8 595 M 8 595 M
P/E ratio 2021 7,19x
Yield 2021 2,35%
Capitalization 78 365 M 15 127 M 15 140 M
EV / Sales 2021 0,40x
EV / Sales 2022 0,39x
Nbr of Employees 250 000
Free-Float 31,8%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 31,44 BRL
Average target price 40,79 BRL
Spread / Average Target 29,7%
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Managers and Directors
Gilberto Tomazoni Chief Executive & Operating Officer
Guilherme Perboyre Cavalcanti Chief Financial Officer
Jeremiah Alphonsus O'Callaghan Chairman
Eliseo Santiago Perez Fernandez Director-Administration & Control
Cledorvino Belini Independent Director
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