SAO PAULO (Reuters) - The world’s largest meatpacker, JBS SA, said on Tuesday it will invest 30 million reais ($9.53 million) to produce fertilizers in Brazil, a country that currently imports most of the fertilizers used by its farmers.
JBS will build a new plant at a location yet to be announced, it said in a statement, adding that the unit should be operational in one year.
Susana Martins Carvalho, the director of the new operation, said the venture will produce fertilizers for use on fields or plantations that grow soy, corn, cotton and coffee. The company aims to take advantage of Brazil’s current dependence on imported fertilizers, she said.
Brazil imports about 75 percent of its fertilizers, the JBS statement said.
Reporting by Ana Mano; Editing by Matthew Lewis