Shares Of Meatpacking Giant JBS Fall In Debut On The NYSE

The JBS meat placing plant is viewed in Plainwell, Michigan on June 2, 2021. – An American subsidiary of Brazilian meat processor JBS told the US government that it has received a ransom demand in a cyberattack it believes originated in Russia, forcing some plants to cut production. JBS received the demand from “a criminal organization likely based in Russia” following the attack that has affected its operations in Australia and North America, White House spokeswoman Karine Jean-Pierre said on June 1,2021. According to plant security this facility that processes beef is back online. (Photo by JEFF KOWALSKY / AFP) (Photo by JEFF KOWALSKY/AFP via Getty Images)

Shares of Brazilian meat giant JBS made their debut Friday on the New York Stock Exchange, dropping 3.9%. Trading in New York has been a long-held goal for JBS, which was founded 72 years ago and is now one of the world’s largest meat companies. Half its annual revenue comes from the U.S., where it has more than 72,000 employees. JBS’s minority shareholders voted last month to approve the company’s plan to list its shares both in Sao Paulo and New York, casting aside opposition from environmental groups, U.S. lawmakers and others who have noted JBS’ record of corruption, monopolistic behavior and environmental destruction.