A New Zealand smallgoods processing plant has been sold to a global food giant after a $1.5 billion buy-out of its Australian owners.
The Australian Competition and Consumer Commission (ACC) today approved a takeover of Primo Group by the Brazilian company JBS.
Primo operates five processing plants, including Premier Beehive in Wairarapa, which employs 150 people.
After agreeing to the buy-out last November, both JBS and Primo said there would be no big job cuts or restructuring.
However, Australian farmers and competing abattoirs and smallgoods suppliers have expressed worries the acquisition will reduce market competition.
Although the Australian regulatory body approved the deal, it said it was wary of the effects of any further consolidation of abattoirs and warns it will be monitoring the industry.